All Forum Posts by: Tamara R.

Thanks for the advise. I think it may be an oregon thing that if after you have four you have to follow certain landlord rules?

When financing real estate do you try to keep it in one spouses name or the other? I know there is some benefit to having four or less and many people each spouse gets four instead of both so you can have more before it counts as four. I forgot why though. Is this true and why?

Thanks

I am trying to get a refi on a BRRR property for a sizeable amount I will be able to pull back out of it.  I was just told that you can no longer just show rental receipts, that you have to have it claimed on your taxes and preferably for 2 years but maybe one is acceptable.  I dont have rental stuff yet on this house but I just finished a prior BRRR last year on my first one and they want the rental income to count for income and I wouldnt be able to write anything off on it to do so.  I was going to wait to file until after my refi in Feb so my write offs wouldnt go against my income.  I want to claim all my write offs as I have a ton on both of them. I was told not to if I wanted the bigger loan because with that much of a refi amount I need to be counting the other rental income of the one I finished right before to qualify for the new loan.  This brings up a bunch of issues I wasnt ready for.  A. Now I cant write off all the things to decrease my taxes that I have.  I am thinking that what I write off is free money not money I am getting a loan on so maybe I should just decrease what I can pull out vs paying taxes on my write offs and not having to pay that back in loan form and just get what I qualify for in my W2. I dont know how much that will be yet and will have to see. I am not sure if this is true, or if there is a better way around it.  Everyone talks about write offs and getting the next BRRR but I dont seem to be able to do both.  To those who have done this before what do you suggest or has anyone made it through this problem?  NOt sure how to do this. Any good investor CPAs out there in Oregon?

@Jeff Campbell

I kept hearing lvp was best but I’m not sure what happened. I bought the really good coretec luxury line in a lighter hickory. It shows every little water spot or dust. Also the ends on the really long lengths can come apart when it gets cold. I have tried fixing it and get it back together only to have another end come apart. Super frustrating. I agree with the glue down vs floating now and also pick a color that hides dirt. Otherwise my other places have tile and they are lasting forever with no problems.

Hi Dave,

My rentals are just in my name no LLC. What do mean they are about the deal? Do you mean that it would have to make good money before we bought it? Sorry this is my first time with any commercial real estate.

The problem is with my brrr refi right now. I won’t be ready for that for two or three months. I have great credit but not sure if I will be able to get the commercial loan. My bank said it would potentially disqualify me from getting the refi if I got the commercial loan or even applied for it so close to my refi. So now I am not sure what to do. If I wait the property will be gone by then and I will miss it. Not sure how to pull off both so close together and doing want to ruin one just to check if I can get the other. 

I am looking to secure a loan for a hotel but think I may have some problems getting financing. I know there is a way. Any suggestions?

Background- we are just about to finish our Brrr on our 3rd property of two doors on each property to total 6 doors. We are living in three now finishing up for a refi in feb when we are totally done and will then have all 6 doors rented. I can refi it for less now with just the upstairs finished but the basement finished will add a lot of value to pull out on the refi and almost double the rent. A Hotel deal just came up that would cost less than my primary house and I could move into the living quarters there and pay less than my actual house with out renting anything out at the hotel since it may not run well for a bit due to covid. Since I am living in three of them it doesn’t looks s good right now but income isn’t really negative either since the other three are basically covering the new three I live in with rent. When I do rent the last three it will basically all be income. I also have my income as a nurse that is stable full time but my husband hasn’t been working much since he has been working on the brrr so he isn’t showing a lot of income but would be really easy to do since he is also a nurse and can work at any time. We are probably the lowest risk for financing but right now it doesn’t look great on paper. Any suggestions on how to make it work for creative financing if the bank won’t lend for it?

I am looking to secure a loan for a hotel but think I may have some problems getting financing. I know there is a way. Any suggestions?

Background- we are just about to finish our Brrr on our 3rd property of two doors on each property to total 6 doors. We are living in three now finishing up for a refi in feb when we are totally done and will then have all 6 doors rented. I can refi it for less now with just the upstairs finished but the basement finished will add a lot of value to pull out on the refi and almost double the rent. A Hotel deal just came up that would cost less than my primary house and I could move into the living quarters there and pay less than my actual house with out renting anything out at the hotel since it may not run well for a bit due to covid. Since I am living in three of them it doesn’t looks s good right now but income isn’t really negative either since the other three are basically covering the new three I live in with rent. When I do rent the last three it will basically all be income. I also have my income as a nurse that is stable full time but my husband hasn’t been working much since he has been working on the brrr so he isn’t showing a lot of income but would be really easy to do since he is also a nurse and can work at any time. We are probably the lowest risk for financing but right now it doesn’t look great on paper. Any suggestions on how to make it work for creative financing if the bank won’t lend for it?

I am looking to secure a loan for a hotel but think I may have some problems getting financing. I know there is a way. Any suggestions?

Background- we are just about to finish our Brrr on our 3rd property of two doors on each property to total 6 doors. We are living in three now finishing up for a refi in feb when we are totally done and will then have all 6 doors rented. I can refi it for less now with just the upstairs finished but the basement finished will add a lot of value to pull out on the refi and almost double the rent. A Hotel deal just came up that would cost less than my primary house and I could move into the living quarters there and pay less than my actual house with out renting anything out at the hotel since it may not run well for a bit due to covid. In two months I will have 6 doors rented. Until this latest house brrrr is finished I only have three rented out of the six. I am living in three of them so it looks bad as income isn’t really negative since the three are covering the other three with rent. When I do rent the last three it will basically all be income. I also have my income as a nurse that is stable full time but my husband hasn’t been working much since he has been working on the brrr so he isn’t showing much income but would be really easy to do since he is also a nurse. We are probably the lowest risk for financing but right now it doesn’t look very good on paper. Any suggestions on how to make it work for creative financing if the bank won’t lend for it?

@JD Martin if they have to move their sewer line do you think they would be able to make me pay for any of it?

Would they be able to say they have a prescriptive easement even if I can’t find anything and didn’t know about it and then be able to move the easement to someplace else on my property?