All Forum Posts by: Travis Sperr

The answers to your questions are no and no. Refinances do not trigger tax increases - recorded sales can, but not always. Your property taxes are going to go up the next time the county assesses the property and the is usually a trailing figure. 

@Tim Emery - the missing piece to this puzzle is - how much is the 10% down? Cash has an important opportunity cost if you have a good deal flow, so putting out $200k could restrict you from doing other deals. 

No one is paying 4 points and 20% interest on money right now - unless there is a missing detail of unsecured, risky deal, etc.  

High cost money creates an opportunity otherwise unavailable, much like partnerships - they are expensive, but sometimes the best way to get a deal done. 

USPS has specific requirements about location, accessibility, etc. I’d check with the post master before doing anything. A call to the local post office would probably give you all the info you need. 

@Gretchen P. you can refinance into a conventional loan - not FHA (owner occupied loan). Your rates for investment properties is going to likely be in the 5-5.25 range for a 30 fixed conventional. Then you can get a HELOC from a local bank - typically up to 70-75% CLTV on investment properties.

Conventional loan will be your best bet on the firsts if it works for you - best rates, term and closing costs

Banks for HELOC - firstbank, vectra bank,

I wold be happy to provide you with contact information for each if you shoot me a message.

@Scott Rye you can also try Firstbank and Vectra Bank. Both will do a HELOC on investment properties.

@Devon Hutchings - there are options to work through all the "issues" mentioned but you will need to decide how bad you want it. 

DTI - this you can't over come in the situation described because the debt is in your wife's name and she makes the money.

You could sell the car, get something less expensive with a lower payment. i don't want to go all Dave Ramsey on you, but its a legitimate option.

Make more money - if your write offs are legit - you need to make more money - if they aren't you need to report the higher income. Paying a small amount in taxes could greatly change your financial future. Consider this - if not paying say $5k a year taxes would allow you to escape "wasting" $2k a month on rent and allowing you to ultimately own a cash flowing rental property, would that be a good return on investment?

Credit - if you can clean up the old items on your credit for $1500 that would a good investment - contact the creditors one by one as you have the money available to handle them and clean it up. Again $1500 to improve your score 100 points would go a long way in helping you achieve you goals.  

It sounds like you might be a year or so away, but if you work at it buying a home is a reality. Be careful about buying a fixer upper in our market, the discount doesn't always match the work that needs to be done, and if things are already tight - you don't want to be putting all of your time and money into home improvements. 

Good Luck!

@Victoria S.

A lot of ways to skin this cat - depends on which side of the transaction you are on. Splitting profit 50/50 with a builder isn't the best use of money in my opinion, but there are a lot of variables.

When you say investor is financing the construction - getting a loan or funding it with cash?

@Gretchen Place if you look up who signed for the trust, either on a deed or loan docs, you might find a different address or name within the documents. 

@Account Closed even if you can only be there for a few hours it will be well worth your time! 

@Mike Girenko without seeing the lease and understanding I am not a licensed property manager - just a guy with a few self managed rentals. You can keep the deposit for unpaid rent, just like repairs, etc. You will need to document why you are keeping it in a letter that needs to be delivered to them within 30 days, unless the lease states otherwise, but not more than 60 per state law. I would either send certified mail or heavily document for the proof you sent it.

Just as a side - I wouldn't use a lease that says they are responsible until someone else moves in, just a lease break fee of 1 or 2 months and move on from them.