All Forum Posts by: Matt Devincenzo

TCOs are through your building department, and at least locally you can ask your inspector for this. That said I'm not sure the TCO will help here because it is a meter set with PGE, not something that is a City permit issue...maybe they can allow it with a temp pole/meter but I wouldn't count on it. 

I assume this is in LA...have you asked about the DP required to get a high balance conforming loan? It may not be as high as you think.

 Positive...there are dozens if not hundreds of forum threads right here on BP where this has been discussed many times over 15+ years. Quite a few well respected EA and CPAs have weighed in and confirmed just that.

Your other post agrees with this as well: I'm sure I heard - if your business is to flip homes, then you do not need to pay capital gains taxes.  

That's 100% right. If you flip homes you don't pay capital gains because you are paying ordinary income tax on your business income. It's not an investment so it's not capital gains.

I'm not sure what you're reading on this, but the FHAs latest update just said that the buyer's commission would not count towards the 6% concession limit. It does not require the seller to pay it, nor does it require the buyer pay it directly. It just preserves the ability to obtain 6% concession without it being reduced by any buyer's commission being paid. 

These are all pretty common CC&Rs related to rentals in communities and have been around for decades. Newer communities may be adding them once they're built out and sold, but none of these should be a surprise to anyone purchasing units within an HOA community.

I'm not a lender, but that seems about right...here's the LLPA chart: 

https://singlefamily.fanniemae.com/media/9391/display

Todays vanilla 20% DP, OO SFR rate is what 6-6.25% maybe. So add 0.25-0.5% for a high LTV, another 0.625% for 2-4 unit and 1.0% for high balance (I assume this falls into the high balance category) and you're right around the rate you were quoted.

I'd go back and relisten to the episode...you never pay capital gains on a flip no matter how long you own it. One month or one decade selling a flip is an active business like selling hamburgers, and pays regular income taxes not capital gains.

I'd go reread the posts that mention that. Are they talking about borrowing from someone else's IRA? It's a pretty comon source for private lending since those with self directed IRAs are typically looking for alternative investments to place funds in.

Loss of use coverage provides insurance against the reduction in income it doesn't obligate you to keep the tenants lease going. Their renters insurance may cover their housing if that is a part of their policy. Typically in a substantial loss, the lease is terminated automatically, the insurance covers your loss and the tenant is on their own for their losses including loss of housing.