All Forum Posts by: Mike Moran

I haven’t broached it with them yet. I have 2 commercial lenders I work with here; but figured I’d see if there were any interest elsewhere as well. 

Hi there - I'm a fairly experienced investor in Western NY and have amassed 140 units with 4 entities across 21 properties. These vary from 1-4 family and small multi (21-unit being the largest) as well as 2 small commercial units tied with one of the 10-unit MFH properties. The total value of these is roughly around $12M and total outstanding balance is roughly $7M. I am looking to kick tires a bit for a lender that would be interested in lending $9-9.5M against the entire portfolio; ideally 30 year amortization and 10 year interest only. NOI at the moment is $870,000.

Would love to be pointed in the right direction.   Thanks in advance!

@Sean O'Keefe - thanks for this and for the insight.  I’ve seen a lot about using as a rental for 2 years and then converting to  primary residence. 

Here is my scenario:

Sell current LTR; 1031 into Lake STR; rent out for 2-5 years; use personally less than 14 days per year; convert the property to a secondary/vacation residence for my family. It's that last step that is tricky, or is it not? I don't plan on leaving my primary home for quite some Time.

Thanks!

Hi there - I have a long term single family rental that will be sold in the next 60 days ($200,000) as it doesn't make me much monthly.  I am interested in purchasing a seasonal short term rental as a replacement ($500,000). 

Any concerns with this?  At closing, and for the 2024 tax year, the replacement likely won't have any income/tenants because it's on a lake and more of a warm-weather rental.

Thanks so much.

I can’t see how to connect haha! 

Hi there - I own and manage 120 units of several different varieties (SFH, Duplex, Quadplex, Multi). At the end of 2025, I will be refinancing two of my portfolios (roughly 80 of the units) and extending the amortization as rates are up. That said, I have an 18-unit that would be a great addition but I'd like to bridge it until the larger refinance and then include it as part of said refinance. Purchase price of $2-2.1M, willing to put $5-600k down. Looking for guidance on either private lenders, private investors, etc that may be interested. Thanks!

Hi there! I quit my banking job over a year ago and now do REI full time. I am also a RE Agent, mostly for my own deals and for family and friends. I'm interested in learning if my REI income (Sch E) could be shielded by contributing to a Solo 401k - or if I them open myself up to SE Tax; or if I should just focus on my Sch C RE agent income to make those contributions. Any advice would be helpful! And yes, I have a CPA, but There's always more than one way to skin a cat!

Hi, this is probably common sense but I'm asking anyway!...I have a few LLCs that own rental properties; a mix of buy and hold and BRRRR. I just recently bought some land/acreage for $135,000. My question is hypothetical....if in say, 1 or 2 years my taxable rental income is $75,000...and I sold the land to a builder/developer for $60,000 (a $75,000 loss) that same year....would my net taxable income be $0? Or, if i sold it for $210,000, would my Sch E income now be $150,000? **I do not consider myself a real estate professional for tax purposes**

Thanks. I knew this seemed too good to be true; but had to ask !  Again, thank you @Eamonn McElroy!!!

Hi - so was toying with this scenario in my mind...My company (or a company of a distant relative, if necessary) - constructs a beautiful single family home for ~$750,000 and mortgage it as well. We then lease the property to a tenant, who then sub-lets it to me personally  

Probably illegal...but why? Looking for some guidance. 

Thoughts?