All Forum Posts by: Ash Hegde

I can't say whether they will be good or bad tenants, but in order to collect SS and medicare they need to earn 40 credits (10 full years - 4 per year) by reporting earned income on their taxes.  

That situation sounds like a great one for using a DSCR loan, yes!

You can use the same LLC for multiple states, though you may need to register it in those states where you buy.

Agree with Joe, get the financing and pay off the personal loan.

This may not be immediate enough, but if you are great at sales and know how to evaluate properties, real estate agent seems like a good fit. 

A HELOC has become more difficult on investment properties. I've seen the question asked here quite a bit and the answer is usually to check with local banks and credit unions.

You mention going out of state, keep in mind if you plan to use an FHA loan in this way it will have to be your primary residence for a year.

If it helps, you won't necessarily lose the ability to use conventional loans just because they are not your primary. If you still have the income to qualify you can use a conventional loan for the refi if you keep them in your personal names. You'll have lower fees and rates with conventional than you would with DSCR, but not as good as your current rate.

If it was your primary first, as in your scenario, the capital gains would be excluded. You would still be responsible for depreciation recapture for the two rental years but the remaining gain would not be taxed. 

If you can still cash flow after the refi and it helps you get more deals, it's a good idea. Time in the game is the most important thing, you'll be able to refi the old and new properties down the road when rates come back down again. 

Nothing wrong with keeping them in your name, though I would look into umbrella insurance to help protect your personal assets if you go that route.