All Forum Posts by: Bianca Montes De Oca
Bianca Montes De Oca has started 1 posts and replied 2 times.
Post: In Desperate Need of Advice!
- Posts 2
- Votes 4
Quote from @James Carlson:
Damn, sorry to hear about your loved one passing away. That has got to be a kick in the gut.
To your question ... it depends. What kind of goals do you have? Do you want to buy in Colorado Springs or just rent? If you're buying something else do you need the money from the sale of the house to fund your down payment? (Or fund more down payment as decreasing the portion you finance right now can help as rates are in the 6% and even 7% range.)
If you're not buying in Colorado Springs or elsewhere, do you like the idea of having a rental? I certainly do, and think long-term, it's a great investment. Colorado Springs ain't going anywhere. It's still a very attractive places for people to move.
But know that pulling a HELOC, finding and managing contractors for repairs, finding tenants, taking deposits and rent money can be a little work. I don't know where you're at in terms of grieving. If taking on that extra work sounds like something that will distract you in a hard time, then go for it. If it sounds like something that will overwhelm you as you try to process your loss, then maybe sell and move on.
There's no right answer here. It's dependent on your goals, your bandwidth for extra work, etc. I wish you the best.
Thank you for your reply James, it gave me a lot to think about. I would like to buy in Colorado Springs, but with prices still being high and interest rates these days I think we would rent for a while. You are right that I am probaly not yet in the stage where I can handle going through getting the house ready, and finding potential renters. I have to put a lot of thought into this. Thank you.
Post: In Desperate Need of Advice!
- Posts 2
- Votes 4
Hello everyone,
I have a very unique situation that I need help with. I own a house in Colorado Springs that I owe $242k at 2.75%. I really would like to move out of this home due to mental health issues (lost a loved one in the home, and it makes it hard to be here). I also want to get into real estate investing. The house is in need of repairs. It needs new flooring and new windows, as well as some yard work. I was thinking of getting a HELOC to do the repairs and putting the house up for rent. Does that sound like my best option in this circumstance? Any other ideas? Thank you.