All Forum Posts by: Daniel Luedtke

Hey Scott. Is one of the homes you own free and clear, your primary residence? Or both investment properties? Bridge really isn't going to work if you are keeping the properties. I think your best bet, depending on equity, is just cash out refi (first mortgage) on the property that has the most equity. Shoot me a DM or call if you want to chat about options. 

Have you thought about taking money out of the equity to invest in another property? You'll lose a bit of cash flow from this property, but it would allow you to pull some (or all) of your $200k you invested in the rehab out, to invest in another cash flowing property. I don't think I'd sell this house with the way ski towns are appreciating. But, getting some of your cash back out gives you many options for other investments.

Have you thought about a construction loan for the rehab? How long do you think the project will take to complete? 

How would that work? Who would be servicer, my mortgage company? 

Isn't there a way to do a wrap loan though?

I am looking at selling a STR property, and offering seller financing. I would like to know how I remove my escrow account from my loan? Obviously the buyer will be paying the taxes and insurance. This is my first seller finance deal, and not sure of the process when I have an escrow account already set up with my mortgage company? Is it possible to remove my escrow account? FYI - the loan I have was done as a DSCR loan, if that makes a difference? TIA!

If I offer a complimentary stay in my short term rental to friends, property managed by management company, do they still have to pay taxes and fees, besides cleaning fee? 

@Dave Foster, thank you!  I could not get a straight answer from my bookkeeper or CPA.  And the 1031 Intermediary I used did not seem to want to give me an answer either.  I appreciate your help.  I actually purchased it in Seminole, just a stone's throw from yourself!  

I sold a rental property back in June 2020, did a 1031 exchange (closed on the new property at the end of July 2020), and now I am looking to do a cash out refi to pull that money back out.  Is there a waiting period to avoid any capital gains tax hit after the purchase through the 1031exchange?  Thanks in advance!

Thank you Alli.  I did find it in a different location under tools.  Had me scared for a bit!  LOL.  Thanks so much!