All Forum Posts by: J Zev J.

Not sure what your question is. Maybe you can rephrase it so people can help point you in the right direction.

Hi @Jackie Walsh - it's complicated. Search IRS Tax Topic Number 415 (Renting Residential and Vacation Property) and that might give you some good initial info. 

@Account Closed - I'm assuming your family is giving you much better rates than a HML would. This is normally an ideal option and will help supercharge your deal by saving on the points, higher interest rates, and application fees. You can line up your contractors between now and closing so there is no delay. For a $20K reno that should be able to be completed quickly. On the refi to give your family the lump sum, that might take longer if there are seasoning requirements (and even if there aren't). You can reach out to the lenders you want to refi with to see their requirements and timing to closing on the refi. This will help you figure out the complete the timeline to see if you have enough runway with four months.

@Darius Inge  Yes, try the banks that are in the town of the property you're investing in and not where you reside. 

@JD Mims - there's a cost for turning over a property for a new tenant. Also, your pm probably has other fees for advertising and leasing a new tenant. I think if the current tenants are good and want to stay then a gradual increase will be good for both parties. Start with the $1,050 and then see what your pm recommends on how often to increase from there. This is assuming they're good tenants, pass background/credit checks, sign new leases with you, etc and you want to keep them.

@Edgar Lopez Lomeli - I think it's a really smart decision you're making by going for your real estate license. Good luck to your new journey.

Hi @Natasha Hardy - the big banks in the US are notoriously harder to deal with when you're overseas. If the attorney's address will end up working for Chase, then it might save you lots of time and effort and will be worth the $300. Maybe if you have an LLC the attorneys can also act as your registered agent so you at least get a two for one.

@Bob Ross - There are hard money lenders that have different lending programs. There are some that have rental hard money loan programs. Some of them can even be long term. You can Google 'rental hard money loans' to find many of those providers. There are some that advertise on BP as well.

I believe there are lenders that do these types of loans but not many that I'm aware of.

Thanks, Patrick. I'm not sure if you're still going to go through with it, but if you do I hope it works out.