All Forum Posts by: Wilson Churchill
Wilson Churchill has started 8 posts and replied 461 times.
Post: Leverage through cash-out refi at higher interest rate. Is it worth it?
- Madison Heights, MI
- Posts 471
- Votes 132
A HELOC is possible.. TD bank, Wells Fargo, PENFED, NFCU, etc.
Post: HELOC on an investment property?
- Madison Heights, MI
- Posts 471
- Votes 132
Originally posted by @Aly W.:
I've used TD Bank for several Helocs and just recently GTE Financial Federal Credit Union (in FL). You just need to call around to find lenders that will do these loans on investment properties. They're out there.
Did GTE offer better terms?
Post: Selling a home in Mexico. After paying the Mexican government sales tax do I also have to pay tax in the United States
- Madison Heights, MI
- Posts 471
- Votes 132
Yes, but you may be able to benefit from the foreign tax credit. Tax will be owed for the year in which the income is received. Do you have any investments that you could sell at a loss to offset the gain?
Post: $5,000 House + $10,000 Rehab = $400 Rent "Entry Level Investing with Expert Results"
- Madison Heights, MI
- Posts 471
- Votes 132
Ugh, I hate large rehabs. Great job though. The numbers look good, but the rent seems low. Hopefully the taxes are also low.
Post: Reglaze or Replace Tub?
- Madison Heights, MI
- Posts 471
- Votes 132
Based on the looks of that thing, I would just demo it and put new green-board in. Use a cheaper tub and tile.
Post: Replaced carpet, how to report on taxes
- Madison Heights, MI
- Posts 471
- Votes 132
Is it a carpet repair or replacement? If new carpet, depreciate over 5 years:
http://www.irs.gov/pub/irs-pdf/p527.pdf
Post: What A 10K 4 unit MFH looks like!
- Madison Heights, MI
- Posts 471
- Votes 132
Nice.
Post: Dave Ramsey followers and mortgages?
- Madison Heights, MI
- Posts 471
- Votes 132
As long as you have enough cash reserves, it would be hard to "go broke". Leveraging with no reserves is a liquidity risk.
Post: It is getting tougher to be a small-time landlord
- Madison Heights, MI
- Posts 471
- Votes 132
For small stuff, it helps to have friends that will do small jobs or to know people that aren't licensed, but like to do handyman work on the side. I use a friend to do appliance repairs and other things. The only time I need to hire a licensed person is when upgrading to a breaker box or doing structural work like adding a new floor beam.
Post: Funky smell deodorizer
- Madison Heights, MI
- Posts 471
- Votes 132
Wash all of the surfaces in the home with bleach or vinegar, or pet odor remover if there is pet spray. Clean the carpets and mop the floors.