All Forum Posts by: Chris Lawrence

Thank you @Jared Bouzek and  @Allan Rosso!

I have a hypothetical question: Say you purchase a duplex for 100k using private money and after repairs/maintenance (10k on top of 100k) over 2 years its worth 150k. Can you use that equity of 40k for closing costs?

Corby- Thank you for the insight!

My tenant would buy so no need for a relator and if I did sell I would try to time it right and do a 1031 exchange. I'm going to raise the rent and keep paying extra payments to get it paid off ASAP. Definitely a good learning experience which I can apply to my next rental.

Thanks, Harjeet! I appreciate the information.

I currently have (1) rental property. It was my primary property for (3) years. It is a condo which is currently appraised for 80k and I owe 55k ( 15 year mortgage @ 3%). I have a great tenant who is going to sign another year lease in October 2017. However it doesn't cash flow a ton of money ($600 yearly) and I believe 80k is close to the ceiliing in terms of appreciation. I like the fact that she is paying down my mortgage, but would it make more sense to sell and put equity into another rental property that cash flows better. My goal is to build a real estate investment portfolio and build financial wealth. The current tenant would also be interested in buying if I decided to sell. Any feedback or comments would be greatly appreciated.