All Forum Posts by: Frank Harrington

I can get a property in L.A. for 450k and minimum values are 750k in the area. I have owned many properties before. However, its been 15 years since my last purchase. Property would rent for mortgage payment coverage but no more with current rates.

Do I flip this and take the hit on Cap Gains or Keep and hold for 2 years as primary and house hack the rooms then sell? I am not sure if I could find another deal in time for a 1031 exchange as bargains are few and far between.

What are the thoughts on this? 

And why isn't an FHA 3% loan available to her? I know conventional would be cheaper cost wise, but isn't her husband eligible?

Most lenders will look at what rental income you show in your tax returns and use the average of the last two years.