All Forum Posts by: Darren Budahn

She is proposing that long term capital gains would not kick in until holding the asset for 2 years instead of 1 year like it is now. Then, there is a sliding scale where the tax burden would be reduced by 4% per year until it reaches year 6. At this point, you would be paying the same 20% capital gains rate.

Your only chance will be to find a portfolio lender who holds their loans in house. All conventional loans will require 6 months seasoning. Look up "delayed financing". If you can buy at enough of a discount this may be an option for you to get your money back without having to wait 6 months

Marine Credit Union is fairly investor friendly and they focus solely on commercial loans.

If the seller is financing, why spend money on appraisals?  

Depends on your goals and what you are trying to do.  Conventional financing will be cheaper but it will come with more restrictions.  

If you are able to buy at a discount and want to get most or all of your cash out of the deal and use that same money on the next property without having to wait 6 months and are willing to pay higher points and fees for that flexibility then you may want to look into unconventional financing where there is no seasoning period.  

Search delayed financing. IF you buy a property with all cash, you can immediately refinance the purchase price and closing costs up to either 70 or 75% of ARV. You cannot get money back for repairs

If you want to refinance based on the appraised value without having to wait 6 months, then I would talk to Bob Green. He can do this for you. But you will have to buy at below market value for this strategy to work. You will also pay higher fees and interest rates if you don't go with conventional financing 

I don't understand your question 

It makes no difference how you pay. My point is that if you are buying turnkey there will probably be no equity there for you. Turnkey companies will be selling at retail prices. So if you buy a house for $50,000 from a turnkey company that means the house is likely worth $50,000.  How can you refinance any equity out of the deal?

The problem is if you are buying "turnkey," the chances that you have enough equity to refinance right away are probably slim to none

I assume since she is putting rent under your door that you are living in the same building and she is paying in cash?  If so, I'd suggest that if you are going to accept cash that you only allow her to personally hand you the money and have you count it in her presence.  

Anyway, if she paid early, I'd give her the $60 back is she wants it.  I'm fairly certain you are not required to do so however.  Then, if she doesn't pay you by the 1st, you can serve her with a 14 day to vacate with  no right to cure if you want her out.  That's up to you.  I wouldn't worry too much about not being able to rent in winter.  It is harder, but if you have a good unit that is priced right, you won't have trouble finding a tenant.  

Lot of members from Milwaukee here on BP Ramona.  Feel free to reach out.  Where are you looking to buy?  Are you looking to buy and hold or flip again?