All Forum Posts by: Account Closed

thank Obama care! Capital gains up to 29% as of January 1st. No tax professional maybe one can chime in. But this guy has been using it as a rental I assume because he is going to capture a lot of differed depreciation. The only thing you could tell him to do is to look into a 1031 exchange and differ all his taxes into another property. Your seller needs a tax advisor big time

Really tough SD market! Really tough to make it work. Have you decided on a niche? Interest? Sounds weird I know coming from a San Diego Realtor but you may want to look elsewhere! Really depends on your goals/experience level and comfort level. Feel free to reach out at anytime with any questions regarding real estate

Ryan. You are gambling on an upward trend in SD! If/when it drops guaranteed to be loosing month after month. This property is negative cash flow big time. Do you have another home? Are you planning on moving in 10 years or less? If you answered yes to those questions it may be hard to carry both and will be a loss when you sell! If we are lucky and get another 1-2 years of neutral gains you will gain 6-10% in equity. Takes 6-10 just to trade real estate! that means your looking to hold for 10 years or more I'm guessing. In that case it will work, and everyone needs a place to live. You may want to crunch numbers on renting for 2-6 years. Don't plan on selling anytime soon! Horrible buy and hold market here in SD. Nows the time to flip it. Can you force appreciation with repairs? Keep in mind 2-4 units always go off comps and not as much the rents NOI and CAP rates like apartments. I wouldn't buy anything right now unless it was a primary in which I'm staying for 10 plus years. best of luck

you can call me anytime. Glad to help

HELOC all the way! Get rid of the PMI as fast as possible. If your able that would be the best option.

great idea. I'm born and raised here looking to do the same myself in SD this year. I am looking for 4 plexes which are incredibly difficult to find that work but you may want to look also. I may have to settle for a single family live in flip as rent may not cover the mortgage down the road. I am in a single family now and have slowly been fixing it up and it is rent ready and I am ready to move. The home will cash flow well when I move. It will even help my D/I ratio for my new loan becuase they count my experience with the texas property, so it should work quite well. If you ever have any question feel free to ask and welcome to BP!

I would hold it unless you find another property you want. Then 1031. A wise man once told me it is really hard to find a good property and really easy to sell. So why sell? The answer is you found a better property. 550 cash flow is really good. Your next property must beat that or an equity hold opportunity. Best of luck

not sure if the question was for me or Ben. But I was self taught by doing research on the Internet. There is a book out there too "how to own your home years sooner without making any extra payments. " I used that technique but made my own personal adjustments to fit my needs. 

just closed a sale 2 months ago with zero down and the person had a 630. Have another in escrow 22 year old 2 months of verifiable income with a 632 score. SS increasing again. Keeping my eyes open

I personally chose to buy and hold outside of the SD market.  You can find duplexes, tri's, and quads that would work here. However it is almost a guarantee you end up in the Bario to make it work. Up to you if you want to live there. Best of luck