10 October 2022 | 7 replies
Of course, consult with a qualified professional or two.
3 February 2022 | 4 replies
Double check with a qualified professional or two, but if that did happen you would be "stuck."
2 February 2022 | 4 replies
But additionally, my rentals that were in less desireable areas drew less qualified tenants and those tenants, on average, not only did more damage to properties prompting more maintenance calls, but also were less likely to proactively call if something was weird, and waited until it became a major issue which cost more to repair, i.e.
2 February 2022 | 10 replies
Again, would need WAY more info to give qualified answer.
31 January 2022 | 0 replies
The issue I'm discovering now is that, when I go to apply for a mortgage once I have completed this live in Reno, my debt to income ration will be too high.The solution I was planning to do is to add myself to the title of her home as joint tenancy and rent it out, at which point, I could claim 75% of the rental income towards offsetting my debt to income ratio, which would likely qualify me to obtain another home loan for another personal residence for my family to call our actual home.Does this seem like a sound solution or am I missing something?
2 February 2022 | 3 replies
@Michael Baum Hey Michael, a legal ADU qualifies as a “Homestay” and is therefore not subject to the 400 foot rule.
4 February 2022 | 5 replies
If it is conventional or FHA, then you actually qualify to purchase the property because their approvals are based off of single family income.
2 February 2022 | 4 replies
Basically the IRS doesn't even see that the property is in an LLC since it would be reported exactly the same way on our personal taxes.This all changes if you own or plan to own one of the properties with someone other than your spouse.Again, I suggest you speak with your CPA and your 1031 Qualifies Intermediary to get the professionals guidance since they are the one that will be handling your tax paperwork.
30 July 2022 | 8 replies
I can't qualify for a loan until I am two years in the agent business so this is why I plan to leverage in this way.
1 February 2022 | 2 replies
Unless, they are asking you to pay for the QI (qualified intermediary) fees which would be very rare.