All Forum Posts by: Ben Franco, Jr.

Thanks! @Chris Mason

Thanks guys for the advise. @Matt Morgan Any recommendations on where to buy with solid cashflow if I were to use a HELOC?

I purchased a single family home in 2008 in Corona, CA. for $295k. Our PITI is $1728 a month and rent is $2150 a month. It was our primary residence until 2013. I consider this rental as a type A property that has rented easily, great location and has appreciated. Comps around the neighborhood are 475K and owe 248K. What would you do in my situation? Should I sell and use to cash to reinvest, refinance, take out a HELOC or stay put? Local market is very expensive and I would have to drive 1 hour to a market where that numbers would make sense. Preferably i would like to be within 30-45 minutes drive from my rentals from where I live, Riverside, CA. Would appreciate your advise. Thank You!

 Thanks for the advise. The reason for me to sell was just to leverage more with the equity that sitting there.  I would be using the money to buy more longterm rentals possibly in murrieta/temecula area. However, it does feel like I'm selling the farm. @Jo-Ann Lapin 

thanks for all the great advice. @Aaron Mazzrillo if we sold this year we would not get hit with capital gains since we lived in the property 2 out of he last 5 years. Would you still hold on to it? Also, what about a HELOC to acquire more properties?

I would really appreciate everyone's feedback. I purchased a single family home in 2008 in Corona, CA. for $295k. Our PITI is $1728 a month and rent is $2150 a month. 2400 square foot house built in 1989 with HOA of $55. I consider this rental as a type A property that has rented easily, great location and has appreciated. We consulted with a realtor and learned we could sell for $475k. What would you do in my situation? Should I sell and use to cash to reinvest in 2 or more rentals or hold it in my portfolio and use the cashflow to pay the house off sooner. We owe $248K. That's a lot of money to leave on the table if we didn't sell. local market is very expensive and I would have to drive 1 hour to a market where that numbers would make better sense. Preferably i would like to be within 30-45 minutes drive from my rentals from where I live, Riverside, CA. Again what would you do?

I would really appreciate everyone's feedback. I purchased a single family home in 2008 in Corona, CA. for $295k. Our PITI is $1728 a month and rent is $2150 a month. 2400 square foot house built in 1989 with HOA of $55. I consider this rental as a type A property that has rented easily, great location and has appreciated. We consulted with a realtor and learned we could sell for $475k. What would you do in my situation? Should I sell and use to cash to reinvest in 2 or more rentals or hold it in my portfolio and use the cashflow to pay the house off sooner. We owe $248K. That's a lot of money to leave on the table if we didn't sell. local market is very expensive and I would have to drive 1 hour to a market where that numbers would make better sense. Preferably i would like to be within 30-45 minutes drive from my rentals from where I live, Riverside, CA. Again what would you do?

Awesome breakdown @Bill Schrimpf

I see appreciation as icing on the cake, however, I don't really count on it. I've been sending $280 monthly to the principal from the cashflow of another rental to reach 78% LTV. @Russell M. thanks for your advise! 

Awesome feedback 🙏🏻 thanks!!! This property will eventually be a long term rental and would cash flow more without that pmi. The plan is to re-invest the cash flow to pay down the loan.