All Forum Posts by: Jorge Martinez
Jorge Martinez has started 3 posts and replied 7 times.
Post: How to finance my fourplex rehab?
- Investor
- Riverside, Ca.
- Posts 7
- Votes 2
Have you considered bringing in a PMP?
Post: 1031 exchange cans and cant's
- Investor
- Riverside, Ca.
- Posts 7
- Votes 2
Thanks for the responses. Does the QI have to be located in the state where you sell the property or in the State where you buy the property? Does anyone have a QI that they recommend?
Also Dustin mentioned that I can take some of the funds for personal use and pay tax on it. I was wondering if I can take out just the amount of money i paid for the property out and pay it towards
my mortgage and the balance of what I profited and put that in the 1031? For example if i bought house #1 for 100K originally and then years later sold it for 400k, I know that 300K is my gain and
that I would normally pay capital Gaines on that 300K. Can I take 100K of the 400K and pay it towards my Primary Residence's mortgage and not pay any taxes on doing that?
Post: 1031 exchange cans and cant's
- Investor
- Riverside, Ca.
- Posts 7
- Votes 2
Hello Everyone,
I was wondering when it comes to a 1031 exchange, can I take the money from the 1031 and use it to pay off my mortgage on my primary residence and then take the rest and buy another property?
Someone mentioned of a Reverse 1031 exchange, but I am not sure if this would fall under it.
Post: What does the Bigger Pockets community think of Crowd Funding?
- Investor
- Riverside, Ca.
- Posts 7
- Votes 2
I recently saw a video from Noelle Randall who is an investor on youtube, and she mentioned that another good way of using OPM is by crowd funding.
What do you think of Crowd Funding, Yes or No?
Post: The Refi 1 year limitation of the BRRRR method
- Investor
- Riverside, Ca.
- Posts 7
- Votes 2
Quote from @Rodney Sums:
Quote from @Jorge Martinez:
I have been listening to the various podcasts from the rookie to bigger pockets. I really like the concept of the BRRRR method. The other day I spoke to my finance guy and he told me that you have to wait 1 year before being able to refi on the property at the newer improved value. So basically I buy, rehab, Rent, and wait 1 year to Refi that property at the higher value. I was told that if i refi less then 1 year, the bank will use the sale price of the property as the value. Is there a way around this that people are doing? Why have i not heard of the 1 year wait on any of the shows? I hope someone can please help with this, because I really want to do the BRRRR method.
Perhaps they're confusing what you're asking with the occupancy affidavit which is one year for a primary residence.
I will talk with him today and find out more details. I really appreciate all the good advice that I am getting on here from all of you all. I will update later on after I talk with him.
Post: The Refi 1 year limitation of the BRRRR method
- Investor
- Riverside, Ca.
- Posts 7
- Votes 2
Quote from @Tiffany Foxworth:
If you purchase the property in a llc name and get a tenant you can refinance immediately after your tenant is in there.
Thanks Tiffany. I do have an llc and i will look into doing that.
Post: The Refi 1 year limitation of the BRRRR method
- Investor
- Riverside, Ca.
- Posts 7
- Votes 2
I have been listening to the various podcasts from the rookie to bigger pockets. I really like the concept of the BRRRR method. The other day I spoke to my finance guy and he told me that you have to wait 1 year before being able to refi on the property at the newer improved value. So basically I buy, rehab, Rent, and wait 1 year to Refi that property at the higher value. I was told that if i refi less then 1 year, the bank will use the sale price of the property as the value. Is there a way around this that people are doing? Why have i not heard of the 1 year wait on any of the shows? I hope someone can please help with this, because I really want to do the BRRRR method.