All Forum Posts by: Jason L.

I have a property that is in the middle of being renovated. There will be 30+ units (80% 1BR and 20% studios) that need to be filled when renovations are completed. What is the best way to get them filled quickly?

The property is located in a business district and does not have residential district restrictions, so I think STR is allowable to some extent. I also considered doing a master lease. Open to ideas and collaborating on this!

Thanks for your reply Albert. I already received a quote from another lender for no cost refinance at 0.75% lower than my current rate. That said, I also considered the professional courtesy side of it and plan to offer the current lender the opportunity to do a terms modification. Thanks!

Hi all, sorry I did not update this thread to confirm the event. I am currently at the meeting room and no one has arrived yet. It is currently 5:45PM and I plan to leave at 6PM if no one shows up. If you were planning on arrive after 6PM, please let me know and I will stay.

That said, I would love to find a co-host for this meet up to help with coordination and logistics. If anyone would like to partner up, please reach out to me!

Seems like rates really did drop, so I am seriously considering doing this now. Anyone know whether refinancing with the same lender within a 3 - 6 month period is going to be a good/bad idea?

I am the buyer. The seller only cares about the bottom line and is willing to modify the terms to get the deal closed. I am trying to minimize initial cash outlay but it doesn't seem like any of the options will make much of a difference. If there's an option I have not yet considered, please let me know.

I am about to close on a property where a large amount of seller credit was negotiated with the purpose of buying discount points on the mortgage. The bank is only allowing a certain amount of seller credit to be financed (2% of the purchase price) and the remaining amount of seller credit is reducing the purchase price causing the loan amount to be less than I originally expected. I am considering the following options:

1. Reduce the purchase price and seller credits to the break even point of where seller credits equals 2% of purchase price. Any pros or cons with a lower purchase price other than a smaller seller credit amount (by a few hundred dollars?)

2. Increase the purchase price as much as possible to squeeze a few extra hundred dollars out of the 2%. If so, would it also increase the amount of deductions I can take and possibly reduce the amount capital gains taxes in the future?

3. Leave situation as is, but doesn't seem like this would be the most optimal scenario.

Thanks!

Hi all, my HOA changed their meeting time and is now in conflict with this event so I am rescheduling it to the end of February. Hope you can all make it!

Planning to host another DTLA meetup this last Thursday of the month. This month we will have a commercial appraiser join us to answer any questions we have about how appraisals work. Hope to see some new faces and continue to grow this community!

@Justin R. A little late, but I think the 7 rules you listed are for qualifying a DST for 1031 purposes. As long as you do not intend to use the DST for 1031 purposes, you do not need to abide by those rules. You can still use it for asset protection and/or anonymity. I am neither a lawyer nor an accountant though so if someone else can confirm my interpretation that would be great.

Thanks for the response. What kind of attorney would be best? Tax, corporate, estate, some other?