Multiple Home Mortgage Question

[WallsGa]

Twin Bridges / Dennis Station area. Across from Optimus Island.

I know it well. Several of my friends from High School grew up on Twin Bridges Road and back off Napier. Chris Jolley and I got in too much trouble early ‘90s.

Dennis Station is actually named after one of the branches of my family.

 

[davans]

I know it well. Several of my friends from High School grew up on Twin Bridges Road and back off Napier. Chris Jolley and I got in too much trouble early ‘90s.

Dennis Station is actually named after one of the branches of my family.

Ford Rd.

 

[Grub Master]

Yeah, we moved into the lake house as our primary residence to avoid some taxes as it is the higher priced of the 2 homes. I guess the smart thing would be to sell Lake house now, move back in mcdonough house for 2 years and then sell. But I just don’t see us living in mcdonough again for any length of time.

Research 1031 exchange to see how to defer taxes on the rental. I have a 1031 exchange guy that can help If you want his info.

 

[wildbill1973z28]

I own 2 homes, 1 is a Lake home on Sinclair ( possibly Air BB oppertunity ). The other is a 3/2 in Mcdonough.
I’d like to sell both and buy a small farm.

The tricky part is the financing. I have a good bit of equity in both homes but, also have mortgages.

Are there banks that would entertain floating a new loan for a 3rd property knowing that you are selling the other 2?

Im guessing that Debt to Income ratios would not fly for a 3rd mortgage And we would definitely not plan on having the others.

any ideas? 3rd party finance options?

remember this them MF taxes, got to spend it , profits that is!
you may want to finance yourself!
rent for either one of u homes , should be $3.000 easy! unless you want to rent a scumbags for 1500 !
not rent but for sale by you!

 

[flyfisherman]

Yeah, we moved into the lake house as our primary residence to avoid some taxes as it is the higher priced of the 2 homes. I guess the smart thing would be to sell Lake house now, move back in mcdonough house for 2 years and then sell. But I just don’t see us living in mcdonough again for any length of time.

If the McDonough house was your primary residence for 2 of the last 5 years you are entitled to the $250,000/$500,000 home sale exclusion. To qualify for the exclusion the 2 years do not have to be the prior 2 years, only 2 of the last 5.

 

[davans]

If the McDonough house was your primary residence for 2 of the last 5 years you are entitled to the $250,000/$500,000 home sale exclusion. To qualify for the exclusion the 2 years do not have to be the prior 2 years, only 2 of the last 5.

We bought the Mcdonough home in 2001, Bought the lake house in January 2017. We made the Lake House our Primary Residence and transferred the VA loan to it. Mcdonough was refinanced as an investment home. I’m willing to put every penny of equity from both homes on our next property.

 

[GUNBRAND.COM]

1031 exchange the investment property for the farm. It will save you tons of taxes. Then you could keep the lake house or sell after you settle into the farm

 

[killerv]

Sell the mcdonough home, put that equity towards the farm. Get the farm. Assuming the underwriter thinks you can still afford two mortgages....which more than likely you can because you are doing that now. Then sell the lake house before the two year rule is up and use its equity to refinance and pay down the farm note with hopefully a lower rate also.

 

[basstracker89]

We bought the Mcdonough home in 2001, Bought the lake house in January 2017. We made the Lake House our Primary Residence and transferred the VA loan to it. Mcdonough was refinanced as an investment home. I’m willing to put every penny of equity from both homes on our next property.

Hmmm, look into this. You could sell and keep the money in an account that you don't touch until you buy you're next like property. The closing attorney can set this up. I think you'd have 3 years after the sale to reinvest the money. But like I say, you need to research this

 

[lostchild]

Take a look at the associated taxes with selling a second home. My aunt and uncle wound up having to move to their lake house for two years to establish residence because of the taxes that it would cost by selling their second home that they owned for over 30 years.

We have a friend who did this with two different rental properties when she decided to divest.
Woulda been too much trouble and too long time frame for me, but that’s one reason she’s a millionaire and I’m not.