All Forum Posts by: Guillermo Rivacoba
Guillermo Rivacoba has started 2 posts and replied 7 times.
Post: Change of primary home right after purchase
- Posts 7
- Votes 4
Quote from @Caroline Gerardo:
No FHA/conventional owner occupied for a year or you need job location change.
No you can't put more down and magically it turns into non owner- the rate would be higher.
You might be able to make a case saying that traffic trends changed for the worse. I wouldn't use the excuse I "didn't know" as a viable excuse. Then on the next purchase they require 20% down and appraisals on both properties, maybe they would disallow or exclude rental income depending on if employer writes some letter of explanation. You need paperwork to back up your story. Say your hours changed and now it's rush hour verses off hours but a 55 -60 minute commute isn't a workable excuse.
Or just list it for sale.
Thanks for the response. Will probably just list for sale. Cheers
Post: Change of primary home right after purchase
- Posts 7
- Votes 4
Quote from @Andrew Postell:
@Guillermo Rivacoba nothing has changed in your life here. It's not like your company is transferring you across country or something. I don't think you will have any options. Go speak with your loan officer on this scenario right away.
That's what I assumed. Super new to lending so this might be a dumb follow up question, can I pay 15% towards principle and now it be 20% cash on loan and make it an investment loan, or at least considered more of an investment scenario?
Will reach out to loan officer
Post: Change of primary home right after purchase
- Posts 7
- Votes 4
Recently purchased a primary home with the intention of living there for 12+ months. However, I did not try the commute to work during school sessions (only tried it during the summer) and found out that my original 15-20 minute commute would now turn to 45 min - 1 hr during the school year.
Probably not a big deal to most, but I do not want to spend my time driving in traffic with a manual car...
Miniscule reasons, but now I am looking for homes closer to work with commute of less than 15 minutes and without schools on either side of home. Like moving for work or adding a family member and needing more space, would lending take kindly to this reason and allow me to rent primary home and purchase a secondary?
What options would I have?
Thanks!
Post: Cost segregation study for STR purchase in November
- Posts 7
- Votes 4
Quote from @Basit Siddiqi:
"You can't rent out for longer than 7 day period to any one renter."
It is the average of 7 days instead of limiting it to 7 days or less to all renters.
This is really good to know, thank you!
Post: Cost segregation study for STR purchase in November
- Posts 7
- Votes 4
Quote from @Sean O'Keefe:
Quote from @Guillermo Rivacoba:
Quote from @Julio Gonzalez:
@Guillermo Rivacoba It is feasible and I've seen properties with a purchase price as low as $150,000 benefit from a cost segregation study. However, one question I have is does this investment still make sense if for some reason you aren't able to benefit (or significantly benefit) from a cost segregation study?
In terms of value vs time, I am better off doing a syndication since it is significantly less hands on. However, I am leaving a significant amount of money on the table as a W2 earner if I don't take advantage of tax benefits. At that point, value vs time, STR takes the cake
For a syndicate, don't you also have less control of liquidity?
I believe so, but even in a home, that's not the most liquid portfolio.
Post: Cost segregation study for STR purchase in November
- Posts 7
- Votes 4
Quote from @Julio Gonzalez:
@Guillermo Rivacoba It is feasible and I've seen properties with a purchase price as low as $150,000 benefit from a cost segregation study. However, one question I have is does this investment still make sense if for some reason you aren't able to benefit (or significantly benefit) from a cost segregation study?
In terms of value vs time, I am better off doing a syndication since it is significantly less hands on. However, I am leaving a significant amount of money on the table as a W2 earner if I don't take advantage of tax benefits. At that point, value vs time, STR takes the cake
Post: Cost segregation study for STR purchase in November
- Posts 7
- Votes 4
High earning W2 income looking to offset taxes with a cost segregation study on a STR.
More than likely would be purchased early November, so would this make sense to pursue?
If i'm not mistaken, you need to show proof of 100 hours of work put into the property/rental, and make sure it is more than any worker or contractor that works there too. You can't rent out for longer than 7 day period to any one renter. If I follow those guidelines, would it still be feasible to purchase early November to offset 2023 taxes? Or is it too late in the year at this point.