All Forum Posts by: Alan Ford

@Anand S. No because most people that go there love it and will go back. We sure did, well before we invested.

Thanks All! 

Hi all, I am currently trying to sell one of my STR's via 1031 for a pretty decent profit. I want to find a large lake front home - but need to STR it for two years before I can make it my permanent residence which is the goal. I would like to at least break even during these two year of not being able to live in the home.

How do you find counties )without looking up each one) that are friendly to STR?

I am specifically interested in lakes two hours or less from Atlanta, GA Airport or Charlotte, NC.

Lake Lanier, Lake Oconee, Lake Norman etc.

Budget will be 1.2m or less.

Thanks

@John Underwood

Just recently closed:

https://www.realtor.com/realestateandhomes-detail/2245-Beach-Front-Dr_Sevierville_TN_37876_M76976-68706#photo7

@John Underwood the smaller ones are for sure hitting that. I’m sure you know this already, but buying right now - you are buying at the highest the area has ever seen. I have a very large 4 bedroom being built as we speak. I am all in on it $750k and that will he furnished. I could probably sell it for around $1m the day it is finished - assuming the market doesn’t change after election.

Hi friends - selling one of my STRs in the Pigeon Forge/Gatlingburg area - mainly to take advantage of the silly prices at the moment ($300+ per sqf) - If I can get my asking price - I’ll do it.

I would also like to have a lake home investment as I 1031 exchange out of this property.

I may be moving to Texas - I can work remote so anywhere within an hour or two of Dallas is fine.

I see a ton of lakes on the map in and around Dallas. Any of these lakes good for STR if it's an actual lake front home with dock etc?

Would love some recommendations.

Thanks

Hi All - I will keep this facts only with bullet points:

1. Currently on a 30 year fixed at 3.5% that began June 2016 - I owe 546K and change.
2. New Loan is at 510,400 (Confirming limit for county) - 30 year fixed rate of 2.5%.
3. I have to pay $36K towards the principal to get it down to the $510K loan limit.
4. In addition - I have to pay an addition 10K in total loan costs - points and closing costs.
5. I would pay the 46K or so needed to close out of my HELOC - the rate on that is prime and a quarter point. Currently 3.99. I should be able to pay off this 46k out of the HELOC in roughly 1.5 to 2.5 years.
6. The monthly PITA goes down a little over $600 if i refinance.
7. I don't intend to sell the property - i would like to rent it out in a few years after i move out of it.
8. I like the idea of a lower payment because it helps with future DTI calculations if I expand my real estate portfolio.
9. I dont know if using money out of the HELOC to pay down principal in order to secure the lower rate is worth it.

Could really use some guidance here folks. Thank you!!

@Collin H. Wow we revived this thread! Forgot about it. My houses are worth more now during Covid. Kind of strange. Faced with a weird situation where the house I am building and furnishing for $750k all in is likely to be worth around $1m when it’s done.

Hi, so I live in CA and my state income tax wipes out my $10k allowable SALT Deduction. Leaving another $10k in property tax I can not deduct.

I am wondering what would happen if I had my friend come and live in my home with her two kids. We do it legitimately, have her sign a 12 month lease, pay fair market rent, actually send me checks each month etc.

Does this allow me to start making additional deductions as if my home was an investment property?

Side questions: -

1. does having this 12 month lease also help free up some of my Debt to income allowing me to secure additional mortgage financing for other property investment? 

2. What would happen if instead of my friend, it was my significant other but not married and everything else being the same? Does that even matter as long as not married?

Thanks