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All Forum Posts by: Frank B.

Frank B. has started 4 posts and replied 117 times.

Post: How would you rate this deal?

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34
Originally posted by @Steve S.:

1,300 sq located in Waco
3 bedroom
2.5 bath
Built in 1965

Previous owner rehabbed it so its move in ready

$120,000

Would rent for $1,100

Taxes 2.8%

Depends on your goals. Personally I would pass since it doesn't cash flow. 

Post: OKC Lunch Meet Up for May

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34

I'm in.

Post: Would you pass on this cashflowing deal?

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34

Stick to your numbers. There are a lot more properties out there. 

Post: Company logo

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34

There are tons of freelance graphic designers on sites like upwork who do this kind of thing for reasonable rates. 

Post: BRRR strategy - seasoning required before refinancing?

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34

I believe you can refinance right away with a conventional loan ("delayed financing") but usually only for a % of the purchase price (not including rehab cost). If you want to refinance based on ARV there is usually a seasoning period.

6 months is a common seasoning period to finance on ARV, but as you have discovered, banks can choose to set their requirements differently.

Post: offset rental income with rental loss ?

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34
Originally posted by @George P.:

trying to find the answer but cannot find anything useful.... 

* I have a rental property that produces 7k rental income/yr.

* I want buy a (vacation) rental property that will produce 9k of rental loss/yr.

* our MAGI exceeds 150k.

* We are materially / actively participating in both properties, but we are not RE professionals.

The question is - can we offset the 7k of rental income that we currently pay taxes on with the 9k rental loss so that we pay $0income tax between the two properties, and carry forward the 2k (a year) loss until the day we sell vacation rental property?

Or - do we have to pay the income tax on 7k rental income without ability to deduct a penny from the 9k rental loss (due to MAGI>150k) ?

Thank you in advance!

Not to derail the discussion, but have you considered that you might actually make more money just paying the taxes on your 7k?

If you have $9k loss, you may actually be losing money. Im sure you already did the math but just thought I'd throw this out there.

Post: 1st Deal - Analysis Advice (Go or No Go?)

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34

Not sure if you're asking if those numbers are good or if those numbers are realistic?

The numbers look good but without knowing anything about the property they could be completely wrong...

Can you give us some of the details to go on?

How many units is this? Bed/ba and sf size per unit? Where did you get the rent numbers, CAPEX numbers, etc?

Post: PLEASE EDUCATE ME:How to read a site like Zillow

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34

Step 1: find the zestimate for the property you are interested. 

Step 2: throw it in the trash. 

Joking aside, Zillow is useful but mostly for finding comparable properties. You can find ones that sold recently or ones listed for rent. 

But yeah--agree with what others have said--don't rely on the zestimate. 

Post: How Would You Pitch This Deal?

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34

Have you gotten feedback from the folks who didn't like the deal?

You mentioned you don't have rei experience. Are you partnering with someone who has done these type of deals before?

Post: Delayed financing and Cash out

Frank B.Posted
  • Consultant
  • Oklahoma City, OK
  • Posts 122
  • Votes 34
Originally posted by @Brent Coombs:

@Matt Pagano, in fact, because you paid all cash, you DON'T have to wait for 6 months!

You're right to mention "delayed financing" in your thread title. THAT'S why you don't have to wait!

https://www.fanniemae.com/content/guide/selling/b2... (See: Delayed Financing Exceptions).

Here is another thread where their full price was cashed out within weeks:-

https://www.biggerpockets.com/forums/223/topics/30...

(You will notice that I was surprised to read about the immediately allowable re-appraisal too)!

I believe with delayed financing you can only finance the purchase price, not the cost of repairs. As others have mentioned, seasoning is usually required to finance based on ARV rather than purchase price.

So for the OP, you could finance 30k right away with delayed financing but financing the full 35k would count as a "cash out" refinancing.