All Forum Posts by: Vanja Dimitrijevic

Hello all and thank you for the previous reply. I have talked to a few lenders and have a better idea of what would work best for us in this situation. It seems that Cash out refinance would make the most sense for us. Also, the forum concensus seems to be that at this time having an LLC would not provide any benefits and the lenders I have talked with so far are unwilling to do the deals with LLC. With that being said, I was wondering a few additional things and am hoping for some additional wisdom:

1. Being that the new property that we buy will become our primary residence and we are buying a fixer upper, how do we get the best tax breaks for the repairs and/or improvements?

2. Our current house will become a rental unit and will be turnkey for tenants. Are there some other ways I can offset the rental income so we do not have a big tax bill from the gains?

3. Does anyone know an investor friendly tax/attorney person that I can talk to and can guide me through this process? 

4. Our friend is a realtor but I would rather work with an experienced realtor that has done this a few times. I keep monitoring the properties in the Cleveland Heights area (where we are looking to buy) on Zillow and other web sites but I am sure there are other ways of finding properties. Where else can I look?

Thank you again for all of your advice and wisdom.

Thank you all for the great advice, I have learned a great deal. I truly appreciate it. Cheers!

Hello, I've been researching BP podcast and resources and am looking into buying another property to downsize from the current one but wanted to use the equity in my current house to purchase a new house in the area. Here are the specifics: our current property is worth 360k roughly; we owe 120K on it. Our current lender is offering us 170K cash out refi ( I will be researching this in a greater detail ). We would like to use this to cash out the new property. We are looking into getting a fixer upper and plan to rent out our original residence ( Zillow says we can get $2700 median rent in our area ) while moving and fixing up the new house. Our long term plan is to ease into real estate investing or being a small landlord with minimal headaches or complications. We will both keep our W2 employment for the near future just looking into getting an extra income or make our retirement easier. So, if anyone can guide me in the right direction, I would like to know:

1. Is getting a cash out refinance a better way to do it instead of getting a HELOC? If so, where would I find good resources to get the best terms and do you think that going with our current lender would give us best terms and be less complicated paperwork? I am still unclear about everything I read on the tax benefits for getting the cash out refi, and would like to understand that better

2. In this situation, is it better to get a property through regular means, look what is on the market (through realestate agent), or maybe go through a sheriff sale? We are somewhat handy and would not mind fixing up the house while living in it. 

3. What should I pay attention to if i was to get a property in this situation through an auction?

4. Is it better to get an LLC when I become a land lord to get some tax benefits?

If it makes any difference and will better guide your answers, we live in Ohio.

Thank you for any insight you can provide me. Best regards, Vanja Dimitrijevic.