All Forum Posts by: Milton Durstine

@Upen Patel Thanks for response. They are all on the same parcel/tax ID with a single loan for all the properties.

@Andrew Garcia Thanks for reaching out and for your reply. A referral would be great. Feel free to send me a message.

Hello Everyone!

Last October (October '21) I closed on a seller financed deal consisting of a triplex, duplex, and garage/ADU. So 6 total apartments. It needed quite a bit of work. Rehab is just about to finish with 4/6 apartments currently under lease. I reached out to my preferred bank to start planning for the refinance. I thought everything was moving forward perfectly until the bank called and said it's their policy that seller financed deals have a 2 year seasoning period. I'd prefer to use this bank since they've treated me well in the past but waiting 15 or so more months to close the refinance has me a bit disheartened.

Is a 2 year seasoning period typically required to refinance a seller financed deal?

Last year I bought a TriPlex, duplex, and garage/ADU. They are in that order on the street with the duplex sitting in the midddle of the triplex and ADU. The duplex was and still is occupied. The triplex and ADU needed moderate to heavy renovations. I'm BRRRRing this. I'm at the point where renovations are nearing complete and the remaining apartments will be listed for rent.

All three structures reside on the same parcel for tax purposes. My question is, how will this affect the appraisal? Will all three structures be appraised separately? Or do I need to subdivide the triplex from the duplex/ADU? On their own I anticipate the following ARVs.

Triplex - 150K

Duplex- 120K

ADU- 50K

Thanks so much for any help/replies!!

Clayton is the three unit your primary?

Hello BP!

If you're reading this, you're reading my first post!!

In 2018 I purchased a duplex. I've been doing the taxes myself using TurboTax. I've read ONE book (from NOLO) on rental tax guidelines/strategies. Anyway I feel like I only have the vaguest grasp or understanding of how to do my taxes correctly and take advantage of all deductions, breaks, credits, etc. The duplex is going great. I'm currently in the process of purchasing a SFH. I have plans to continue to buy more rental properties, complicating taxes further.

I need tax help. Should I look for someone in my area (Southwest PA)? Is that even necessary? What questions should I even ask this person? 

Any tax pro feel free to reach out.