All Forum Posts by: Denise Holder

 Oh, you just made me feel better, because so far that is the path I'm going down. Thank you!

Hi Zach,

Really, that's great.  Which deposits, business revenue?   Do you know what % they take?

Is that what you do?

Although there are great benefits to being a 1099 employee, borrowing is proving difficult. I need to borrow 20k for a Reno of a cabin in the Allegheny mountains. I went 1099 in January (less than 2 years) and conventional banks and credit unions won't touch me. I don't need much, but who/where can I look for some funding? Also, I'm in Warren PA not Pittsburgh. 

paThank you

Hello,

Although there are great benefits to being a 1099 employee, borrowing is proving difficult.  I need to borrow 20k for a Reno of a cabin in the Allegheny mountains.  I went 1099 in January (less than 2 years) and conventional banks and credit unions won't touch me.  I don't need much, but who/where can I look for some funding? Also, I'm in Warren PA not Pittsburgh.  Thank you

Hi,

I have a friend who owns a small trailer park. He sold it to another guy and held the loan. Now he has discovered that the guy hasn't paid the taxes on it for about 5 years. What advice would you give him. Thank you!

I recently contacted one of the hard money lenders listed here on the bigger pockets website. They could not lend me hard money but said I might have some luck with a "gap loan". They passed my info on to this third party lender. So, two questions. Anyone familiar with a gap loan? And has anyone had any experience with CYB Capitol Funding?  Should I trust them?

Thank you, you two! I have a message into my tax guy but feeling good. 
denise

Question, To avoid capital gains at selling one must live in the house for 2 of the last 5 years. What if, the property I'm purchasing is a home, with a cabin on the lot and I live in the cabin, not the main living area?  I'm still living on the property, but not in the main house which I'll AirBB.   Does this count as living "in the property/house" for two years and so does avoid capital gains taxes as long as I buy a home of higher value?

Thanks!!

Denise

Hi Joe,  

It's in Waterford township. Seven miles south of I-90 & Peach on Sharp Rd.

Yes, when I figured out how much they'd have to make to meet my renters criteria I thought, why would anyone rent if they make that money?  I've spoken to a rental agency in Summit twnshp who feels it will rent no problem fro 16-1800$/mo.  But then, its not his risk to take either.

And now I must confess. I'm emotionally invested.  It is half of my grandparents original estate that's been in the family for generations. I want the property. It's a once in a lifetime chance to own part of our family legacy.   

Coincidentally I have always had a penchant for real estate, have bought and sold three houses. Just in the last couple months have discovered bigger pockets. Here I was just about to start really buying houses for profit.

I guess I'm hoping for creative ideas?   How can I make this work?

Anyone?  

Thank you! :)

Erie PA anyone?
Hi, I'm Denise and I'm looking at a house that's 220K 0% down 2.5% interest. (about) 3.5% VA funding fee for xx years (not sure yet) but hope to refinance soon without it.
The property is two parcels. First the house. It's 3 bdrm/2 ba House on 1 acre lot. Second the16 acres on separate lot. Being sold together at the total price of 220K
Immaculately kept. Immaculately manicured lawn.

Land is very difficult to come by in this highly desirable country area that's close to town
It's located in Erie county from 10 to 19 min away from things like downtown Erie, Lake Erie waterfront & beaches or Walmart and every box store/restaurant/ chain store you can think of. The house next door is an ideal comp to the "house on one acre" portion of my deal. The home is practically an exact copy, it is also on one acre and it just sold last month for 164K. The houses were built the same year, both brick similar layout. The differences are: 1) "my" house has the additional 15 acres. 2) "my" house has 2 bathrooms~neighbor's house has one. 3) "my" house has a beautiful view of the valley.

Erie PA has a slowly declining population. It has a struggling economy. However, tourism, tech companies, Erie Insurance and others are pioneering steps towards re-inventing the former mini-steel town into something new.
My property manager thinks I can get from 16-1800$/mo in rent. My mortgage would be $1200/mo
I feel like the property is worth more than $220 now and that it will increase in value quickly.

Is this a good deal? Thoughts? Advice?
Thanks!