All Forum Posts by: Alvaro Leis
Alvaro Leis has started 7 posts and replied 22 times.
We tried to do a 1031 at the beginning of this year but we couldn’t close on the property that we identified ( the market was crazy at that time) we are getting to the end of the year and we are trying to figure where to spend that money from the gains of the sold property before paying uncle sam. Need a tax advisor in our area (north Atlanta) that specializes in real estate for advice.
Thanks.
Post: What’s keeping people from pulling the trigger?
- Posts 22
- Votes 7
I lost my fears while interest was low purchased two homes, now I feel I can’t buy anything because of uncertainty.
Post: QOTW: How did you / are you financing your investment properties?
- Posts 22
- Votes 7
Quote from @Larry Turowski:
I acquire using cash and my HELOC, mostly, sometimes hard money, and rarely with long term financing up front. And then I refi into a portfolio or commercial loan after rehab.
People are always asking if they should buy rental property using their HELOC for the down payment or entire purchase, and is it "safe" to use the equity in their home to buy investment property.
HELOCs are such a great tool for investors to get started, and keep going. Few people have 10s or 100s of thousands of dollars sitting around doing nothing. Most of their savings is going to be locked up and inaccessible in places like a 401k savings plan. But lots of investors can start with the equity in their house. It is super easy to unlock and if you are not using it, it isn't sitting around doing nothing, it stays in your house and you pay no interest. It is the swiss army knife of investing, there when you need it for strong cash offers, repairs, rehab, etc, and sitting quietly in your pocket when not in use.
Post: QOTW: How did you / are you financing your investment properties?
- Posts 22
- Votes 7
Quote from @Larry Turowski:
I acquire using cash and my HELOC, mostly, sometimes hard money, and rarely with long term financing up front. And then I refi into a portfolio or commercial loan after rehab.
People are always asking if they should buy rental property using their HELOC for the down payment or entire purchase, and is it "safe" to use the equity in their home to buy investment property.
HELOCs are such a great tool for investors to get started, and keep going. Few people have 10s or 100s of thousands of dollars sitting around doing nothing. Most of their savings is going to be locked up and inaccessible in places like a 401k savings plan. But lots of investors can start with the equity in their house. It is super easy to unlock and if you are not using it, it isn't sitting around doing nothing, it stays in your house and you pay no interest. It is the swiss army knife of investing, there when you need it for strong cash offers, repairs, rehab, etc, and sitting quietly in your pocket when not in use.
Post: 5 mobile homes in 5 acres, how to finance??
- Posts 22
- Votes 7
Quote from @Kevin Romines:
The question is, has any of the Mfg. homes been de-titled and made a part of the land in the form of a deed? If not, then they are all considered personal property. If they have been de-titled and made a part of the land as a deed, then they are considered real estate. Depending on that answer, you may be able to take the loan as a commercial loan. I would check with local credit unions for financing?
I hope this helps?
Post: 5 mobile homes in 5 acres, how to finance??
- Posts 22
- Votes 7
Looking at a couple of properties to do a 1031,one of them is a small tract (5 acres) with five singlewides rented generating $2,700 of monthly rent. Purchase price is $259k. I contacted several lenders and no one wants to finance this type of properties, I’m looking for a lender that can do this, I’ll put at least 20% down and have almost 800 points of credit, already own three doors and have a W2 job which I’ve been keeping for 18 years!
Any advice will be appreciated.
Thanks.
Post: QOTW: What systems or steps are you planning for 2022?
- Posts 22
- Votes 7
I'm a new investor from Georgia, I'm also bilingual! Would love the advice and maybe achieve something! It seems like you guys have a ton of experience.
Post: Tax Deduction's for investment property owner
- Posts 22
- Votes 7
hello @Ashish Acharya im looking for investor friendly CPA and tax advisor, can you send me your information?
Post: QOTW: What systems or steps are you planning for 2022?
- Posts 22
- Votes 7
We closed on our third property last November, but now we are too leveraged and I can't think of a way to keep growing the portfolio. Our goal is one single family per year.
Post: Rules of thumb for Center Point, Birmingham, Alabama
- Posts 22
- Votes 7
If it’s a turn key or only in need of cosmetic repairs, then why do yo need to pull a permit?