All Forum Posts by: Timothy Boyd

Hey @Blake Morton! Not an expert here, but my vote would be to keep the 2/1 and cash out refinance. This way you still control the asset for the long term, and you can take advantage of the current low interest rates. I don't think you'll have a problem getting another mortgage as long as the refi does not put your DTI ratio too high. Definitely something to talk through with your lender or with people smarter than I am on BP, but that's my two cents. Best of luck to you and thank you for your service to this country!

I am not too sure on that one.  I'm sure their accountant knows better than I do.  Not too familiar with 1031 exchanges outside a surface level understanding.  Sorry man, best of luck!

Hi @Edison Estrella. Talk to your lender, but if you plan to occupy the property as your primary residence I think you may be able to get an FHA loan for 3.5% down. Best of luck to you!

Hi @NIcholas Hamel.  I think the rule is you don't pay capital gains if you've lived in it for 2 of the last 5 years and if your combined income is less than $500K.  But definitely ask a CPA because I am not a tax expert.

@Jaraad Pretty Up along the top bar of the webpage click on "Find an Agent" and that should point you to the right place.  I couldn't find it on the phone app, but you should be able to get to it on a computer.  Maybe also post in the DFW forum that you are looking to link up with a investor friendly realtor to get this ball rolling.  Put the link below.  Talk soon brother!:

https://www.biggerpockets.com/...

Hey @Terri O'Brien. I think you'll be able to log the income for taxes without a problem; just track them, have proof, and get that info to your accountant. You'll probably want to talk with your lender about using it towards income from a DTI perspective though. I had a similar question for my lender a while back (for a LTR), and was told that they would put 75% of the rents towards my income only if I provided a lease of at least 12 months. I would imagine this might change a little bit from lender to lender. Good luck!

Hey @Tucker Cummings.  I am no expert, but have thought on this topic before.  Can't talk myself into giving up the free money the employer is putting in for the 401k match, so I continue to contribute to mine at the level that gets the maximum employer contribution.  Good luck!

@Jaraad Pretty ! Good to see you getting into this my man!  Give me a call, but my quick advice is to dial in exactly what type of property you are looking for (age, type, condition, location, price range), then find yourself a real estate agent in your area who works with investors.  I think there is a function on this site to find those types of agents.  Then start looking at and analyzing the numbers on properties.  When the numbers check out on one, make an offer!  Talk soon brother!

@Cameron Moore.  Good point Cameron, and I didn't know that.  Will definitely shop around in the next few months.  Thanks for the tip!

Hey @Louis Walker! I am no expert at all, but I recommend you jump in. Underwrite your deals super conservatively and if the numbers still work out, buy it! I don't know that anyone can accurately predict a crash in any market, but corrections should be expected. We are about to close on our first BRRRR deal (today actually), and I am definitely nervous, but also excited! Need to step out of our comfort zone!

On a 20-30 year timeline, I don't think there is any losing in this game if you underwrite conservatively.

Best of luck to you, and hopefully you can get your feet wet this year!