All Forum Posts by: Chai Jonn
Chai Jonn has started 52 posts and replied 173 times.
Post: Sell or Hold SFH in Phoenix
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
Hello All,
I am not able to decide between 2 good problems! To sell or keep it for cash flow?
Below are the stats
Purchase Price $215k
Cosmetic Repairs $10k
Downpayment and closing costs $56k
Monthly cash flow $750
The house is worth about $400k to $425k if listed on market.
Have one cash offer for $390k ( title, closing costs paid by buyer).
Should I keep it or sell it? I am not sure what do wi the sale proceeds! Don't have anything else lined up. Other than some syndication deals in multi families which I don't have control on the operating part.
Any thoughts?
Thanks
Chai
Post: 1031 Exchange from SFH go passive MF syndications
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
Hello,
I was wondering if one can sell a SFH and move that money to a Multifamily Syndication as a passive Investor under 1031 exchange?
Chai
Post: Is this the time to be selling your rentals
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
@Kumar Gaurav
There is no capital gains under 1031
Post: Is this the time to be selling your rentals
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
@Kumar Gaurav
I included all of the costs and 1031 exchange provider and added 2 percent more. I have few markets I am looking into for replacement properties. I am also definitely looking at the option of HELOC.
Post: Is this the time to be selling your rentals
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
@Devang Patel
Either sell it under 1031 exchange. Or Cash out refinance or HELOC. But I will be doing something with that equity.
Post: Is this the time to be selling your rentals
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
@Devang Patel
I an in the same boat! I have rental SFH Phoenix. If I sell now, that's 14 years of cash flow.
Post: Buying 2 Durham/ Raleigh SFH under $250K with 1031
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
Hello All,
I am visiting Raleigh/Durham area at the end of this month to drive through the neighborhoods and look at the properties for buying at least one or two SFH under $250k in 1031 exchange. I am especially interested in Durham area. This is an investment property so I am looking for areas with potential upside and some decent cash flow of $300. Can you please let me know which neighborhoods to check out in Durham area?
Also, I am looking to connect with a investment friendly realtor in these areas. Someone who owns investment properties in these areas, quickly run the numbers , guide me through the neighborhoods. Please feel free to message and connect.
Post: HELOC on Rental Property in Phoenix
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
Originally posted by @Justin Phillips:
@Chai Jonn I'm a huge proponent of Helocs, and more specifically a very specialized Heloc that saves cost and increases flexibility.
My wife and I ReFi'd our rental into a 1st position Line of Credit that's tied to a zero balance sweep checking account. So every dollar we deposit is swept towards the remaining balance, saving us interest cost. Every dollar also increases our credit line to pull from, maximizing flexibility. I always recommend this loan to investors, as our clients love recycling their line multiple times over the 30 year term, allowing them to purchase and pay off multiple properties, all with one loan.
Helocs are also nice because that equity is there when you're ready to use it, but you don't have to lock yourself into 30 years of larger payments on day one.
Justin, Thanks for explaining sent you a message
Post: HELOC on Rental Property in Phoenix
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
Originally posted by @Paul Welden:
To get cash out of the investment property, you can sell (do a 1031 exchange) or do a cashout refi. I think that HELOC on investment may be very impossible, difficult, or expensive.
Sounds Good Paul
Post: HELOC on Rental Property in Phoenix
- Rental Property Investor
- Nashville, TN
- Posts 179
- Votes 42
Hello All,
I have significant amount of equity built into a Investment property SFH in Phoenix. I was wondering what are my options to use the equity for downpaynent for another rental house? I hear HELOC, HELOC interest only and Cash out Refinance etc. Please share your wisdom
Thanks