All Forum Posts by: Soh Tanaka

@Marc Jackson I just happened to be listening to this podcast that talks about why you shouldn't pay off your mortgage. Here it is, and you can listen with your wife :-)

http://www.getricheducation.com/project/163-home-e...

I know this is not what you are asking, but have you considered the benefits of not paying off your mortgage / the negative effects of paying off your mortgage? 

I would wait till next year, as assuming the tax law and your situation are the same, whatever the tax benefit you get this year, you would get next year also.

Since not all the numbers are present, I have to guess here, but it looks like if you refinance to 30-year fixed without taking any cash-out, your cash-flow will increase about $200. That's dangerously low for 2 properties, at least if I were you. I would at least sell one of them, and use the money to buy another one that cash-flow better.  

I would do a cash-out refi and buy another one or move to another house and rent the one that you are living right now, as long as the numbers work out right. My rough guess, but if you can rent it for $1,000, I have a feeling you will cash-flow positive. If you are going to move-out, the lender may ask why you are moving out after only a year.

What can I offer the world sounds like the better mindset I should have, but I'm not there yet. 

I would suggest to find a good turnkey company. $20k might be a bit tight though. Regarding to the books and materials, just pick and read. Same with the podcasts. Just pick one and start listening all the time. I do it all the time when I'm cooking, washing dishes, driving, etc. Buy some Bluetooth headset, and you are good to go! 

Not knowing the specific of your situation, it's hard to tell, but generally speaking, the less properties you have, the more you can afford to just use your name. LLC makes things more expensive and complicated than just owning under your name.

For many of the CPAs, the region really doesn't matter, as they deal nationwide. That been said, if you want someone from IN, try Joshua Belk from Belk & Associates. 

@James Hartley - You might want to talk to a lender for the exact difference, but I think owner occupied gets the best rate, then a rental, then a cash-out refi rental with 6 months seasoning, and finally delayed-cash-out refi, which doesn't have any seasoning time. In terms of why, I don't know. It's just how the rule is written.