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17 November 2024 | 18 replies
Literally everything one should, or shouldn't be, do, know, act, will all be correctly guided from those 3 words.
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19 November 2024 | 21 replies
I also help out of town LLs with consulting services to stay on top of their properties here.
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14 November 2024 | 22 replies
Only do this if you'll be staying in the house for a long time.
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20 November 2024 | 11 replies
@Stephen Hood your idea is solid and shows good potential, but here are a few things to consider:Private Lender Terms: Ensure the lender agrees to the 1% origination fee and $2K monthly payments—some may require a higher interest rate or balloon payment at the end.Timeline for Sale: Factor in potential delays with selling your current property or completing renovations on the new one, as these could impact your refinance timeline.Refinance Feasibility: Confirm with lenders that refinancing at $500K is realistic, especially after recent rate increases and appraisal expectations.Exit Plan: Have a backup plan in case the market shifts or repairs take longer than expected, such as extending the private loan or bridging with a HELOC.If you can lock in favorable private loan terms and stay realistic about costs and timelines, this could work well.
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20 November 2024 | 11 replies
c) how could I build out at least 1 ADU while I was renting out the rest of the house so I could have a place to stay?
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18 November 2024 | 12 replies
One mistake could extend the tenant's stay for months without any income, not to mention the stress it could cause.
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19 November 2024 | 11 replies
Which is why I think focusing on one thing at a time vs to many will help me stay organized.
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23 November 2024 | 40 replies
How do they know if this is an owner stay that you blocked on your website, and it pushed over to Vrbo?
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14 November 2024 | 12 replies
Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.
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13 November 2024 | 10 replies
While the IRS does not mandate a physical site visit, the IRS cost segregation audit technique guide (ATG) does suggest conducting “field inspections.”It’s important to note that the ATG is not an official IRS document.It serves as a guide and cannot be used, cited, or relied upon as an authoritative source.However, the recommendations in the ATG are worth considering.According to the guide: “A field inspection is recommended to document the physical details of the building, type of construction, materials used for construction, the assets contained in the building, the size and types of building systems, and any land improvements that were included in the purchase of the property and the condition of that property at the time of purchase.”So while the IRS does not require a site visit for cost segregation studies, following the guidance from the cost segregation audit technique guide can be beneficial.