All Forum Posts by: Juan Ayala

BP Family,

Seeking some unofficial advice and definitely plan on validating with a CPA before execution. I have a property in Florida that i am trying to avoid paying CGT on. I would like to do a 1031 exchange and purchase another investment property in Texas. The property in Florida will sell for about $200K and i owe about $100K on it. My plan is to take those gain and purchase another investment property in Texas for about $100K. Since i am taking the gains and putting the complete amount into another investment property, will i meet the requirement of the like kind exchange? Any advice on this would be very much appreciated.  THANK YOU IN ADVANCE!

Anyone know of any lenders in Texas who i could refi an investment property with? I have a mortgage on it and only owe $35k @ 9% int rate. I had an appraisal with another lender done on it two weeks ago and it came back at $60K. They couldn't find it because it was under the min threshold. I dont care if i can get cash out just want to refi the property in time of the note expiring and lowering the interest rate and amort it over 20-30 years. Thanks BP fam!

Hi BP Family,

Looking to scale my RE portfolio. I have just started my LLC through legalzoom, I am thinking about starting a business and using the LLC as the management entity. With the hope of allowing me to scale and use the entity to build credit and maybe finance properties in the future. So instead of using my personal checking accounts or credit cards i could use the business accounts and credit cards to take care of the management expenses. Also hope in building enough credit with my LLC that banks and Hard Money lenders will finance future properties. Would love to hear BP family thoughts on my strategy? Happy holidays BP Fam!!!!

BP Fam,

Want to know your thoughts and what i should do with the following; currently under contract on a condo in San Diego to occupy. I did not mention to my realtor that i needed to refinance my previous property in Los Angeles to free up my VA loan entitlement for this condo in San Diego. Realtor found out eventually through my lender, which i thought was no big deal. I did not think to mention the re-fi to my realtor, since i was working with my lender who is taking care of my new purchase in San Diego and refinancing in Los Angeles. We are now waiting on my re-fi to appraise and cutting it extremely close to my loan contingency expiring. Now my realtor is saying that since i did not disclose the re-finance to her, I am no longer covered under the loan contingency if my appraisal for my re-fi does not go through. This according to someone she asked and explained my situation. I wish i could replace my realtor since we feel like she is not on our side throughout this whole process but think its too late. Looking for your thoughts and maybe RE attorney referrals to help? Thank you as always!

@Chris Mason, copy that. Thank you fellas! I will PM Chris here shortly.

I am in a very similar situation. What did you end up doing?

BP Family

Looking for some advice on my current situation. I have a SFH in Los Angeles that I purchased as my primary home, Sep 2016. I purchased it using my VA loan for about $325,000. I now have military orders moving me to San Diego and want to use my VA loan but do not have enough left for a property in San Diego. So I am thinking about refinancing my home in Los Angeles into a conventional loan in order to release my existing VA loan. I have roommates in my Los Angeles home with leases, and make $3,400 in rent and only pay $1,800 in my current mortgage. I have leases and proof of rental income. I understand my interest rate might be higher if I re-fi this home, but need that VA loan to get a jumbo loan in San Diego. At the moment the property is valued at least $400,000 and my current note is $326,000. Based on my scenario what do you guys think is my best option? You suggest any other options? Thoughts please? Thanks BP Family.

Congrats brotha! I started with SFH but plan on jumping to apartments here in the very near future.

BP Fam,

Looking for some referrals on insurance companies that provide certain coverage for landlords, seeking coverage in the event I need to evict a tenant to cover legal fees, and coverage to assist with vacancy expenses. Shopping around to see if it's beneficial to go this route versus setting it aside on my own. Thank you in advance for any input. 

It is all up to you the landlord. I have a duplex in Los Angeles and i split the cost of the landscape fee among the two tenants.