All Forum Posts by: Kushaal Malde

@Eric V Harding sorry for your loss. As @Joe Homs mentioned, based on how the property was titled, your best bet if you want to hold as rental will be to refinance into long term fixed debt and pay off the RM. If you have good credit, you could command several attractive refinancing options- rate/term and/or cash-out, depending on equity, to choose between based on your specific investor goals. 

From a rental property owner perspective, holding would benefit with no property tax reassessment. And a sale would benefit from no capital gains liability from a step up in cost basis. Not to say you couldn't hold and sell later.

Good luck! Let me know how I can help or if you would like a 2nd opinion on anything.

@Nick Zigler have you made any progress on this sale? As Caleb mentioned, an agent, or title company at the least, should be able to do what you need here for a nominal fee as you've already done the "work" of finding a buyer. Happy to give some referrals, just send me a message! And if you're buyers need financing options, I'd be able to help with that as well. I have some unique win-win options for this type of sale like a gift of equity where you net the same amount and the buyer comes in with a better LTV.

You cannot 1031 a primary home. Turn it into a rental and then 1031. You cannot take section 121 exclusion if it is not a primary. 

You will have to pick one path. In CA, 55+ have prop 19 on their side so that's the path for keeping low property tax basis. Or 1031 and defer taxes until death with a step up in cost basis so no taxes. 

@Neel Iyer lots of good info here in this thread. There are a lot of things you need to consider. Where ever you choose, definitely fly out and connect with local investors and build rapport with a property manager. Build your team. I'm local to you and invest OOS in Northeast Ohio. Would love to connect or grab a coffee sometime here in the bay!

@Renee Harris how bad is her credit? Has she considered an equity buy out? I have a lender offering this product as a rate and term refinance, aptly used for divorce/inheritance type situations. I'd be happy to explore it further for you, just shoot me a message!

How is it going 5 years later? Any other cities you know that followed suit? Still in place or overturned? 

Hi I'm curious about this--how is it going 6 years later? Any other cities you know that followed suit? I'm seeing fees as high as $185 per unit in Northeast Ohio suburbs.

Do you have any more details? What were the terms?

@Rachel Basner With those awesome photos, you have options. I would first throw it on airbnb, I've hosted there since 2014, over 500 guests. You can customize the listing like private or shared room and bath, minimum stays, security deposits, fixed or adjustable nightly rates, message and interact virtually with your guests, and get instant feedback and eventually fine tune your listing to cater to your clientele. Did this by my university and now by Cleveland clinic. Good luck with your str!

This is really a question about your relationship with this trusted friend. But did you mean 5 months or 5 years for the flip? That is material to my response.