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03-06-2007, 09:15 PM
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#1 |
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Confirmed User
Industry Role:
Join Date: Jan 2002
Location: AZ
Posts: 6,373
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Can anyone help me with some loan and tax advice?
I currently own 3 rental properties. I have roughly a 40-50% LTV in each of them because they have increased in value so much after I purchased them. The interest rates on the 3 loans are 6%, 6%+7.5%(80+20 loan) and 6.375%
Im about breaking even on the 3 investment properties after piti and a gardner for the front yard. I?m currently buying a brand new house and was going to put 20-25% down payment and take out a new loan for the balance. Roughly 300,000 loan. Would it be better for me to refinance my 3 rental properties and cash out enough equity so I won?t have a new loan for my new primary residence. I?m sure the interest rate on an investment loan will be a little higher then a loan for my primary residence. Are there big tax advantages to refinance investment loan vs new primary residence loan? I know I can still write of the interest on a new loan if im living in the house. My tax man said it would be a lot better to refinance my investment properties but he also does loans so he might just want to make some money =) Anyone have any type of advice on which will be better? |
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03-06-2007, 10:32 PM
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#2 |
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Confirmed User
Industry Role:
Join Date: Jan 2002
Location: AZ
Posts: 6,373
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Any one have any advice?
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03-06-2007, 10:44 PM
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#3 |
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Confirmed User
Join Date: Mar 2005
Location: Da Hood
Posts: 5,688
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I can give you some second hand knowledge.
A friend on mine owns rental property. What he does is refianance one property to buy another. However, prior to refinancing he adds an additional bedroom to increase the value. He has done this with each property he has aquired, except the first one of course. He now owns 12 properties.
__________________
ICQ: 150-803-430 Email: marketing7(at)cox(dot)net |
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03-06-2007, 10:51 PM
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#4 |
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Confirmed User
Join Date: Feb 2007
Location: Earth
Posts: 1,050
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Search google for help.
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03-06-2007, 11:01 PM
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#5 |
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Confirmed User
Industry Role:
Join Date: Jul 2004
Location: Alberta
Posts: 1,864
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Why do you not have an accountant?
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Coming Soon! |
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03-06-2007, 11:12 PM
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#6 | |
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Confirmed User
Industry Role:
Join Date: Jan 2002
Location: AZ
Posts: 6,373
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Quote:
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