Updated over 7 years ago on . Most recent reply
VA Loan & Business Taxes
I am working on getting funding using a VA loan and was told that my business tax deductions will disqualify me. I knew this we a possibility because it happened with my last property. To get that property 7 years ago I ended up paying a $5000 tax bill. This time it will be over $9000. The purchase is a multifamily in Baltimore.
My question is, is it worth adding this huge tax bill on myself plus a mortgage just to get 100% financing on a nicer property? Or do I use the cash I have available to purchase a fixer upper and grow from there? One of my issues is, if the fixer upper needs more money then I have available It might cost me more in the long run. I honestly hate the thought of having a mortgage, but I know sometimes its a necessary evil.