All Forum Posts by: Vilson Nikollaj

Thanks @Chris Mason

Assisting owner-occupied buyers appears to be the most common use of CRA funds. 

We were looking for banks to provide long/short-term funding for acquisition/rehab/renting of lower income homes to improve the neighborhood. Homes ~$30k.

Wanted to resurrect this thread about CRA. 

There were only a few threads on this and the one comment in 2016 from Jay Hinrichs:

"I was granted a 1 million dollar LOC in Jackson MS by community bank.. at the time I was HML in Jackson and this was a facility that I used for said loans.. they booked it CRA as the loans I was making ( C class) were in the areas were many of the locals can't get loans so they were searching for safe ways to deploy in those neighborhoods its a tough one for banks I can tell you that. Like all but one of my banks.. the loan was called in 08 1/2 and I retired it... have not checked since."

This has been a tough sell for local banks we're reaching out to in South Bend, IN. The banks are all interested in using the credits, but find it hard to do it. I reached out to some companies that work on educating banks on CRA.

Vil

Thanks @Taylor Brugna

@Taylor Brugna

Hope this answers your question @Paresh Patel

@Brandon Hall - do you know the answer to Paresh's question? Appreciate the help. 

I'm also interested since we have some borrowers that defaulted that we'd really like to stick it to them.

Moving this post to tax forum... Think answer is no, can't claim unpaid interest on 1099-C, but @paresh patel brings up good point about what hte Box 3 pertains to. Anyone know what the purpose of this is?

But if Interest can't be included in the 1099-C, why is there a Box 3 for Discharged Interest? https://www.irs.gov/pub/irs-pdf/f1099c.pdf -

Also why does it say this in the 1099-c Instructions form: "A debt is any amount owed to you, including stated principal, stated interest, fees, penalties, administrative costs, and fines. The amount of debt canceled may be all or only part of the total amount owed." and "Interest. You are not required to report interest. However, if you choose to report interest as part of the canceled debt in box 2, you must show the interest separately in box 3." ?

I believe the borrower or debtor would indeed have to pay taxes on the income amount noted in box 2 on the 1099-C. In any event, that's the borrowers problem - we have enough to worry about

https://www.biggerpockets.com/forums/520/topics/46...

Is anyone aware of lenders willing to do a blanket loan on properties already financed? Most of the homes are financed 70% or less. Some have higher interest short-term debt on them. 

Looking to get some capital to cash out one investor that needs $ ASAP and use funds to finish rehabbing some other projects. 

@Archie Sharp. I'm from the mitten as well (metro-Detroit), but my company had a division in Muskegon. Been here for 3 years now. Wish I would have come here 10 years sooner. 

Prices are up in SD. Rates are going up. Fear is an illusion. Losing money can be mitigated with a proper plan and accurate #s.

Vil (Realtor/Investor)

The numbers pencil in (based on who's numbers you used). I've received estimates with up to 50% difference. 

David, currently own. Recently rehabbed/new construction. Not fetching the price we think it is worth, so thinking rent out in the meantime. 

Jon, will reach out tomorrow morning. 

Looking to possibly rent out luxury home in La Jolla.  Few questions if anyone has experience in this area:

1) Company recommendation to service vacation rentals?

2) Typical costs? 

3) Occupancy stats?

4) Tips, tricks, words of wisdom

I know the VRBO model is a point of contention right now in SD and in many other markets, but I don't think it's going away. Appreciate any help.