All Forum Posts by: Dominic M.

Hi @Dominic M., 

Investors can do a 1031 Exchange for foreign property if it is going to cause them a U.S. income tax consequence.  They would of course have to pay any taxes that would otherwise be due in the foreign country, but it would defer the payment of U.S. taxes.  Foreign property 1031 Exchanges require that the relinquished property and the replacement property be foreign properties, although not necessarily in the same country.  You cannot 1031 Exchange out of a foreign property and into a U.S. Property.  

Hello BP!

I am currently house hacking a SFH which I used a conventional loan for. I am coming up on 1 year, and keep hearing that we are at historically low interest rates so I want to make my next deal ASAP. My plan for my second deal is to buy a small multi family with an FHA loan in the upcoming months that I will again house hack.

Thinking ahead about 12-18 months after this second deal is complete, for my third deal, I want to house hack another small multi family. Since I can only have one FHA loan at a time, I believe I will have to refinance my second deal after 6 months to get out of the FHA and switch to conventional?

If that's the case, will my interest rate go up? Does that mean I should run my numbers for the second deal with a higher interest rate than I'll actually get with the FHA (assuming it'll increase once I refi into conventional)? Will I have to make any additional down payment when I refinance? Am I thinking about this the right way? Am I missing anything here?

I appreciate any guidance/advice you guys can give me. Thanks in advance!

If you refinance your second MF property to conventional will you have enough appreciation in 6 months to get to 75% LTV? Are you rehabbing the property? Are you speculating that you will gain appreciation without a rehab or did you get an incredible deal below market value? Otherwise you will have to come up with the cash and pay for closing costs. What does your coc return look like in this scenario? Go one step at a time and understand your numbers.

My wife and I live in southern Alaska and are thinking of purchasing another set of fourplexes. Both of them are owned and operated by 1 guy and they're sitting back to back. Numbers on these appear to be excellent but we're a few bucks shy of that 25% number most lenders are looking for. I've heard of 80/20 unicorns, but have yet to come in contact with one. We own another single family home that we are contemplating selling to recoup the equity required for the 25% down if all else fails, however, we'd love to keep it if we can find another lending opportunity. Wife and I's gross income is well over 200k and we both have 750+ credit scores. 1 thing we've run into in the past is that we don't have a long enough owner history of the rentals (less than 2 years) and some lenders will not accept any amount of income they bring in which has made us looked "overleveraged" to them. Any financial institutions suggested, or guidance, is helpful and appreciated!

Thanks BP

Lucas

I want to know how I can get the money for the house and rehab?. I am studying the brrr method but i'm very unsure on how I can get the initial money for the house and the rehab? The differences between hard money and private money? Which one is better? Any tricks? Thank you

@Dominic Marshall I'm all on my own with that lol

Haha ok, well hopefully your credit situation can be fixed quickly. 

Why would you pay somebody to leave a house they have absolutely no legal right to be in? Evict them as usual. Nothing will stop you. They can scream CDC all they want, it won't change anything.

"Cash for keys" is the trashiest way to do business, you're only making things worse for the next landlord by teaching these idiots it's OK to behave like that. It's not OK to just **** on all the other landlords when we come here and try to help you.