All Forum Posts by: Toby Thompson

I have to believe these still exist, just a bit harder to find... perhaps it’s naivety but I haven’t been told “no” enough yet to give up.

My normal broker is no longer able to do 100% LTV cash out loans (VA, obviously). Does anyone know of a lender who can make it happen? Thanks in advance!

-Toby

@Lance Lvovsky

Lance, thank you as well for your post. I tried to clarify my original post with greater detail of the situation in case you were able to offer any additional insight.

Thank you!

@Natalie Kolodij

I suppose I should have been more specific in the beginning. The entire purpose of "buying" the home is to access cash to pay down a heloc on another property. The secondary market has tanked and I'm having a really hard time finding a company to do a 100% LTV CASH OUT loan currently whereas before COVID it wasn't that hard.

Buying the home from my wife isn't about adding me to deed, it's about getting cash out from value added during a major remodel when I can't refinance at 100% LTV. I just need to know tax implications; if She will get hit with short term capital gains tax then it's not worth it.

Hey BP,

My wife and I are married and file jointly for taxes. Our primary residence is only in her name with the rentals in my name. I want to "refi" my current primary residence to a VA cash out at 100% LTV. I spoke with one lender who is having trouble with it right now and suggested that I "buy" the home from my spouse as a workaround on the refi and to get the house in my name (ideal, but we could also do a joint if needed).

My question is- if I can't find a way to do the 100% ltv cash out refi and have to "buy" the home from my wife, what are the tax implications? I have owned the home for less than two years and I am concerned about short term capital gains tax. Any workarounds or helpful tips or lenders working on 100% LTV VA cash out refi's?

Thank you all in advance!

-Toby

Hey Matthew! 

What kind of projects are you considering? Personal rehab/cosmetic facelift/flip for profit? Permits or Paint? Different types of contractors specialize in different types of projects. If you have any additional details you can share I might be able to help point you in the right direction. 

@Phillip S.

Did you talk to your insurance agent or an adjuster? It sounds like you spoke with your agent rather than an adjuster. Many agents don’t know the first thing about policy and coverage. Nearly all sudden and accidental water damage is covered on primary dwellings, rental dwellings may have different coverages depending on your policy. Without seeing your docs we can’t diagnose what coverage you have. If you didn’t make a claim yet I recommend you DO NOT make a claim unless it is thousands over the deductible. Your premium will likely adjust and if you have too many claims in too short of time then you will be dropped from carrier and have to shop for insurance in second tier market (more money, less service).

@Daniel Claroni

Please be careful if you are going the ozone route- that can kill anything living as well as ruin rubber seals. Also, it should only be used for SHORT time periods.

As previously mentioned shellac works wonders but does smell worse than oil based primer , but also does s better job. Zinsser BIN is ready available and cost effective.

The only truly effective way to remove an odor is to remove the source, be it pad, drywall, or subfloor. Anyone who says otherwise is fooling themselves. That being said, depending on odor there are other strategies to lock it in or neutralize it depending on the type of odor (acid/protein/uric/etc.).

I would remove carpet/pad, shellac subfloor, then go from there as required. If you give me specific cause and source of odor I can give specific remediation plan.

I just refi'd on my primary home from a VA to a conventional mortgage (to free up VA loan for future purchase) and took out a simultaneous closing HELOC. I may elect to move school zones within the next year but don't want to wait until the last minute to get the home I want. I spoke with a Loan Officer today who advised nobody would touch me for at least 6 months since I just closed on a primary home refi- he advised it should have been closed on as an investment loan. I disclosed to underwriting of refi that I wanted to get out of VA loan in case interest rates went up in the next year or so and I decided to move and keep current primary home (as rental). I still live in this home with my family and have for 5 years and will continue to live here for some while, I just want the flexibility to move if I find need to prior to 6 months. Am I locked in for that long? Are there any creative workarounds that anyone has used in the past? What else am I missing?

Thank you in advance for any/all help and advice!

 Yes, please do share the link when available! Of course Murphy's Law would come into play on the first meet up I had on the calendar and force me to miss it- the stream will be second best option. Until then, I will anxiously wait till next month's meet up and hope not to have last second issues in May!