All Forum Posts by: Jace Thornton

Alright I have 2 rentals and currently live in the 3rd rental. I have 2 homes in a VA loan and am looking to sell my first home into a LLC that I establish to essentially do a cash out refi. As I write this I feel I might have to pay taxes on the profits from the sale/transfer. Is that correct? Anyone ever do something like that? Tips or advice on what to avoid?

This will allow me to restore my VA eligibility to buy a 330K home. I will take the cash out from the selling of the home to buy other BRRR properties in the future.

The goal of this plan is to free up VA benefits to purchase a new home, rent out the current home that I am in and get cash to put into other investments.

Please feel free to offer any advice or critiques. Thanks in advance. 

@Austin Miller

I would listen to the Real Estate Rebel podcast. The host is the HGTV star of income properties. He did exactly what I think you should do. Find a house with the most rooms you can afford and rent out the rooms. This will cover most if not all of your mortgage and get your feet wet on property management.

There are plenty of lenders that only need 3 to 3.5% down to get you a house.

Good luck and welcome to the club.

@Blake Choisnet

Have you planned a virtual meetup? Looking at getting this thing going. Do you need any assistance? Let me know thanks.

@John Neff

Extreme Ownership

QBQ

These are about personal responsibility.

I have a potential tenant who is retired and selling their current home. How do I verify their income and landlord references?

We just moved to the area and purchased a home. Looking to get in touch with local investors, landlords and property managers to start networking. Anyone know if there is a REA established? Thanks.

I have a situation with my previous landlord. They have a very weird policy on how they handle move out inspections and how they deal with deprication. If you know of an attorney that can answer some quick questions please point me in their direction. Thanks.

I have a rental and I am also a tenant in privatized base housing. The base does not depreciate the carpet one cent until it is 3 years old. After that it goes down 15% up to 4 years, 30% from year 4 to 5, 45% from year 6 to 7, and at most gets depreciated by 60% after 7 years. At a minimum I am responsible for 40% of the installation and materials no matter what.

I have looked into this and the IRS allows tacked down carpet to be depreciated completely over 5 years. If the PM company is doing that is this policy legal?

Thanks for your time and input.

@Mike Dymski In your opinion is this something that could be challenged in court? I understand that things are in the lease but if I understand what you are saying I can put anything in the lease and it is the rules as long as both of us sign it? Thank you for your input.

@John Underwood The government has transferred all base housing to a privately owned company via a government contract. Also, it is against the lease to shampoo/clean the carpet.