All Forum Posts by: Jack B.

 Right, makes sense. Luckily depreciation recapture is capped at 25% unless it changed.

Refi was for 390K a few months ago, 75% loan to value. I think I got 66K or something out of it (big reason was to drop the interest rate almost 1.25%

I take it the answer is a yes  because the sale and purchase price difference.

I bought the house for 310K.

I can sell it for 400K.

I put 100K down when I bought it.

I recently cash out refinanced it.

After transaction costs of selling, I'll have 70K difference from sale price and purchase price. But that's my down payment, or part of it anyways. Will I still owe capital gains?

So I'm considering retaining an attorney to create a Wyoming Irrevocable Trust to protect some of my assets.

My rental properties are mortgaged so I can't put them in there, but I want to put money in an account in the trust.

How do I avoid having the attorney's steal the money? Do they have access to the account or is the account only controlled by me? I would think that items in a trust are controlled by the attorney at my behest, so they would have access to the money....

 I saw your post from another thread years ago where you said if you hold the money waiting to buy, you can argue that it's still investment money, etc.

So as far as my original point, it sounds like 1) if I hold I can technically deduct ALL of the new interest amount since I haven't spent it on personal use and am holding for buying more rentals (it's not like it happens in a day right lol). 2) If I don't invest it, I basically only deduct the original interest amount from my old loan, not the NEW loan?

Austin is also very fast growing, as in more demand, limited supply. That's more likely the reason for the rapid rise, not the laws.

Cash out refinanced 4 rentals. Goal is to buy more rentals with the money, but I'm not finding any deals yet. 

How can I calculate the interest amount I'm allowed to deduct on the new loans for the rentals? Are they fully deductible since the money is not being used for personal stuff but set aside for investment into more rentals?

Do I subtract the old interest amount? (That doesn't seem quite right).

The entire left coast has become a joke. Landloards can't enforce lease terms and basically have to let tenants live for free while they damage the hell out of the place (situation I'm facing).

Attorney I spoke with today for my issue said a lot of investors have been keeping her busy liquidating their portfolio here. She didn't mention where they were buying, she was just tasked with sending notices to get them out with the current requirements for getting tenants out (notice to sell).

I spoke to two attorneys today, each gave me a different story. One said it's probably enough to evict, the other seemed more knowledgeable and noted in Federal Way there is a 120 just cause eviction ordinance ontop of the states 60 day.

They are now denying me right to access to fix the issue and telling me they will be filing legal action against me.

Attorneys I spoke with said I should not have served them a 10 day notice to comply or vacate and that I can be fined a minimum of 10K and be jailed....for enforcing the terms of my lease and preventing them from damaging the property further and to try to repair the plumbing they broke....Gotta love the left coast....

So now I'm debating hiring the attorney to send them the 120 day notice to sell letters and taking the money from the sale to Florida.

I'm also anxiously awaiting word from the AG if they contacted them to file a complaint. Attorneys said most of the time they just tell you to rescind the notice and not to do it again.

The more knowledgeable attorney I spoke with said that she had an INFLUX of investors in WA calling her once the 60 day notice clause was added to the moratoriums; they called her and told her they don't want to be a landlord in WA anymore and to liquidate their portfolios. I'm leaning the same.

I want these aholes out of my house before they damage it more or cause more issues. 2nd worst tenant ever. 

I've been planning on moving to a more landlord friendly state and this is the straw that broke the camels back.

I've had these 3 19 year old room mates renting a house from me since February and it's been a disaster ever since. Holes in walls, carpet trashed, utilities unpaid, neighbors complaining. I've served them with a 10 day notice to comply or vacate, and even that they are fighting. 

Talked to an attorney and apparently I can't even enforce rules to stop them from damaging the property. They are now denying me access claiming I need their permission to enter to fix a plumbing issue THEY reported. The drain won't drain and I'm trying to get a contractor in there to fix it.

So I found out the city of Federal Way where the rental in question is, has a 120 day just cause eviction ordinance. So on top of the 60 day notice the governor decreed, I now have to have an attorney prepare and send them a 120 day notice that I'm selling the house, my only way to get them out. 

The attorney said that unless the police are called there regularly or the house is burning down, I can't do anything, and that once the governor added the 60 day notice clause to the eviction moratorium as a way for landlords to get people out, by selling or moving into the property with proper 60 day notice, she said she had an INFLUX of investors like me who called her telling her they don't want to be a landlord in California or Washington anymore and to liquidate their portfolio, beginning with sending the proper notice to the tenants.

I'm right there with him. I have a half a million dollar house people are damaging, and I'm being told that *I* will be the one fined or possibly arrested by the state for trying to protect my property from damage. People can basically move in and do whatever they want and live for free. Fortunately to date they have been paying rent, but I fully expect them to stop paying that and coasting the next few months at my expense.

Meanwhile I'm looking at a minimum 10K fine if contacted by the AG's office and jail time for trying to protect my property from bad tenants with repeated documented violations and damages.

 I've had people ask me for a break on rent in their first email because him and his girlfriend want to have lot's of kids. Someone else on here had a similar story. These people ARE out there and they ARE breeding at an alarming rate....very alarming rate. Idiocracy is already here.