All Forum Posts by: Cheryl C.

Hi Dave,

I'm planning to shift 7 mortgages onto one property. Those 7 properties will then be unencumbered. If I have a first and a heloc on a few places, are you saying it doesn't matter if there are 6 mortgages and that it is only 3 financed properties? I was told differently by a loan officer. If I understand you correctly, the number of mortgages is irrelevant and the ten mortgage limit applies to the number of properties that are mortgaged (not the number of mortgages). Is this correct?

I'm a little lost myself. I have a couple of different objectives. First, I want to push off the gain on the property that I am selling. Our income will be lower next year. I have to weigh this against the very real possibility that the cap gains rate will increase. I also need to figure out if AMT will be impacted. Doing a 1031 can buy me some time but transaction costs will come into play (if I refi or sell the replacement property after a yr or so). Maybe I should just bite the bullet and pay the tax.

My other issue is that I want to refi some stuff at current rates. This is separate from the 1031 and I shouldn't have brought it up before. I need to get my number of mortgages down so I can get conventional investor money. I will obtain a construction to permanent loan on the re-build (if I can get a loan!).

I need a good one-stop shop for accounting, taxes, tax planning, estate planning, etc!

Bryan,

I don't really want any more rentals. The cash will be used for part of the $$ to tear down our Beach House and rebuild.

I will have to do a commercial 5 yr adjustable loan on any refi. I have been putting together different scenario's to bundle and move mortgages to try to get under the ten mortgage limit for conventional financing.

I have a very good relationship with a small bank and believe that I can consolidate many loans and move them to a valuable property that I have. Then I can refi my home and take out a few more.

Where is the loose financing when you need it!!!

Alex, yes the basis transfers.

I am doing a 1031 on the sale of a property that has been depreciated down to nothing (it's a condo). I own it free and clear. I would like to have the cash - but not the tax bill. I am thinking that if I buy a rental for cash and then refi it in a year or so I can extract the cash w/o a tax consequence. Anyone see a problem with this? How soon can I refi it? I don't want any "boot".

I just saw a great discussion on a different thread. So I cancelled my question.

Hi George. I know that title companies around here do not have any such lists. I get the impression, from posts here, that in some regions they do. I always knew when some seminar came through the area because I would get a bunch of calls from people demanding "the list".

I used to buy a list back around 2000-2001. It was quite good and well worth the $100 per month as it was very detailed as to loan balances, etc. I sent someone to the Courthouse last week to bid on a place. Same old, same old - people paying too much in my mind.

Anyway, I had a bid last week on a foreclosure.com property and I think it was a good deal. I didn't get it b/c my agent looked at the wrong house (I was out of town) and told me it was horrific. Not. This is why I have to see everything myself.

I'm going to look at an upcoming sale in the next few days. I may take a run at it. I was just wondering how often they accept bids below reserve.

Sharad, that is a good checklist. Many "bad" tenants contact small LL's because they know they won't make it through a property management check.

Years ago I read some good advice: put "credit/income/background check required and will be performed" right in the body of your ad. This may eliminate a good number of these bad tenants from wasting your time. It won't stop all of them, but it's a good pre-screen. I usually put it at the end.

The Sherwin Williams store close to me will send a decorator over for $100. I never paint brick either. Are you going to lose the white storm door?

I often drive around the neighborhood and find houses that look great and copy the colors. My contractor also has excellent taste.

Also, how about some new landscaping along the brick. Some large flowers that pop.

Good point J. Scott, but I would imagine many of the materials cost the same (from big box stores, lumber liquidators' etc.). Do you get a breakout for labor?

Some recent threads have provided good insight to the cost of carpet, windows, hvac...

It would be helpful to me to hear what others pay for hardwood, granite, porcelain, roofing, etc. My contractor does everything from A-Z and provides all-inclusive bids. Is this the way to go or should I know the cost of his materials? I feel like I can keep him honest if I could split out labor. For my next rehab, I plan to get other bids.

I like and trust my current contractor but have found in the past that they can get a little too comfortable on their bids after a number of jobs. For example, I never paid his first bid amount and we seem to be settling about 20% down on each job. So I figure he now just starts off 20% higher.

I do have him split out each portion of the job (ie; paint, carpet, tile, kitchen cabs, etc). Do any of you ask for materials costs?