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Investment Properties in Virginia Beach : Real Estate Advice

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  • Home Buying189
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Activity 7
Thu Dec 22, 2016
VICTORIA DOZIER asked:
THANKS AND GOD BLESS!
www.livinglikeheaven.com

Victoria
Federal Contracting Officer for US Marshals and Social Security Admin
0 votes 0 Answers Share Flag
Mon Feb 9, 2015
Karen Peyton answered:
While it would seem your question is easy enough to answer, there are NO easy answers where taxes are concerned. You need to consult a tax professional who will consider the "totality" of your tax picture, considering such things as: step-up basis, time owned, income and depreciation if any, value at time sold, etc...

Good luck to you!!
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0 votes 1 answer Share Flag
Mon Aug 18, 2014
bekababy_boo asked:
We bought a home from a family friend at the end of the real estate boom right before the drop, and were talked into a split interest only loan... (80% of the loan on the first mortgage,…
0 votes 0 Answers Share Flag
Tue Apr 8, 2014
Bob Chance answered:
Hi Tina, What you may be referring to is a "Starker 1031 tax deferred exchange" (IRS code 1031). As a veteran Realtor with over 20 years experience, I have had the opportunity on several occasions to work with clients assisting with this transaction. Actually within the last few months. What may be a problem here is if the property has already changed hands. In theory, you are trading your current property for another. The sale process requires the seller working with a specialty title company known as the disinterested third party who holds the funds from the sale of your first property while you identify like kind properties to purchase. The seller never receives the funds from the sale. Once purchases are identified, funds from the sale are transferred by the title company to the new properties purchased along with the additional funds need to even out the sale, called the boot. Because in theory this was a trade and not a sale your capital gains taxes are deferred until the new property is finally sold. Again if you have already closed it is probably to late, however, now you and maybe a few others now know for future purposes.

Bob Chance
Broker / Licensed Real Estate Principles Instructor
William E Wood & Assoc. Realtors
222 Mustang Trail
Va Beach VA 23452
757-672-2089
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Wed Mar 26, 2014
Junior Gunter answered:
Not be a jerk, but you asked if there was a way around having reserves for an investment purchase. No where in that 5 page response that was given before me was there anything that would even coming close to a response to your question.

According to Fannie Mae it depends on how many financed properties you owned (I'm assuming this isn't a jumbo loan). 1 to 4 properties require 2 months for each. 5-10 requires 6 months reserves. This is for each property owned as well.

However, that is not to say there are no additional overlays. If you go to a correspondent lender, they will look at their investor guidelines as well as their own rules.

I'd be happy to look at your specific situation, but should you want to research it yourself, Fannie Mae guidelines are posted here: https://www.fanniemae.com/content/guide/selling/b/index.html

To answer your question, you want to view B3-4.1 https://www.fanniemae.com/content/guide/selling/b3/4.1/01.html
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1 vote 1 answer Share Flag
Wed Mar 26, 2014
Junior Gunter answered:
Bottom line is yes. It will show when your mortgage company does a real estate owned search, however you'll just need to show proof that you are not on the note. As long as you have a current mortgage statement and a copy of the note, that should be sufficient to show you are not obligated to the property and shouldn't factor into your debt to income.

Granted you'll still need to qualify for the property on your own with credit, income, and assets, but being on the deed shouldn't hurt you.

If you have any questions, please feel free to give me a call. Also, to give you a heads up (and as a bet to myself), you're about to get 50 people saying to call them, but won't provide you an answer.

Junior Gunter

Loan Officer – Monarch Mortgage
NMLS # 883774
Direct: 757.222.2131
Mobile: 757.439.3770
Facsimile: 757.390.2314

jgunter@monarchmortgage.com
http://www.monarchmortgage.com/jgunter
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0 votes 2 answers Share Flag
Wed Aug 14, 2013
Joe McAvoy answered:
It is very uncommon to have a lease that doesn't fix the monthly rent amount throughout the term of the lease. Usually a landlord must wait until lease renewal to raise the rent.

Best,
Joe McAvoy
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