All Forum Posts by: Tyler Y.

 Stepped up basis is so important. If the government gets rid of stepped up basis, they can basically steal all of the property in America just by increasing the rate of inflation. It's pretty simple math.

Who can pay that tax bill?

 Well it's my primary home. I suppose I could move into any of those too, though! Small multis are rare here - South Brazoria County - where I live for work/business so it wouldn't really work for my principal residence, but I know I could find something further away as a non-primary investment.

Hey everybody,

I'm in a great position, but I'm stuck. It's a great problem to have, except, this has totally screwed up my plans.

Rates have moved up (as we all expected) but now I'm really clinging to the 2.75% 30 year mortgage I got on my live-in flip I purchased at the end of 2020.

I bought this house from a distressed seller using the 70% rule, paid 210,000 for it and it's currently appraised close to 400,000. I'm only 26 years old.

My plan was to fix it up (that part is done) and sell it for a big gain (I only put a small amount down and have put a large chunk of savings from working and living with my parents into renovations) but now the rate looks soooo good and I think this could be a future rental. How can I sell a house I got for such an amazing deal, with a historically low rate, that I've only owned for 1 year? That seems like a rookie mistake.

It's also a very nice home, a place I could see myself living for a long time. This type of deal could be pretty rare. I could keep searching while I stay put (I can find more deals like this, as I am very patient, that's how I got this one) but all this equity seems like a waste - maybe I should cash out refinance it and use the 100k or so to pay cash for a small rental nearby (I own 1 rental property that I paid 120k for that cash flows about 600 per month).

Sorry for rambling. Any thoughts from the professionals??

Tyler

This is insane. I can't believe the amount of freedom that has been given up willingly in the past 2 years. That is 2 years, not "2 weeks to slow the spread."

The same people who claim to be for "civil liberties" are ready to see you kicked to the curb if you don't participate in this. The hypocrisy is astounding.

Also, this thread is likely to be locked soon. But still, keep in mind your essential liberty when trading it over for promises of security that appear to be lies and false hopes thus far.

I'm interested in the same thing, but already have a piece of land for it. Quotes from the engineering/surveying company were outrageously high, especially since we already have a survey (they insist we need a new one, done by them). We have already drafted up what the layout should be, using AutoCAD (all roads and lot sizes done by myself and the landowner).

What's the next step? Do we really need to pay this other company over $100,000 to do the same thing we already did?

To the titular question: Yes, tons of LLC's and businesses exist that flip houses.

Life is too short to wait to get started, time the market, etc. The best time to get started on anything is now, because soon, we will all be gone. That is just my opinion.

Make mistakes, learn as you go, and honestly, take some risks. Do everything you can to learn and minimize that risk, but remember you don't have an endless amount of time to figure this stuff out and conditions are never going to be optimal.

Buying a primary residence for a live-in flip. The mortgage from the primary will be enough debt that it might be hard to get any more - and it may not be wise to get more.

If you're making it work that's great (the whole thing is very nice of you and generous) but if you are paying their mortgage, you have the power to say what should happen... Just because they want to live in the bigger, nicer house doesn't mean it's the best financial decision. However if you're OK with it, keep doing what you're doing - just sounds painful to me!