All Forum Posts by: David Navidad

@Account Closed thanks for the help! 🙏🏽

@Account Closed I don’t live in it anymore. I leased it out to a tenant 3 months ago. Was there something I had to fill out or do to change it to a rental? 

I knew it. Thanks a bunch!

Military guy here, I used the VA loan to buy a home in Texas, lived there for 2 years then got orders to Florida. I'm currently renting it out (3 months now) and changed the home insurance to rent out. The property is still under my name through the VA loan. Can I depreciate the property? Or do I have to refinance into a conventional loan and wait for next years taxes to depreciate?

@John Leake The house is 3 years old now so nothing crazy as of yet. I’d like to raise rent slightly because I know for a fact property taxes in Texas are going up since the house appreciated 90-100k in the last year. 

@Kevin Manafi Thanks a bunch! I was thinking very similar. Everyone I spoke too said that I was renting it very high. My property manager said that it wouldn’t rent but within a week I had a tenant. So I’m not sure if I got lucky or if the rents are truly increasing. Time will tell. It’s also a military town and decent housing is limited. Right now I’m leaning towards the 1031 exchange but that’s just because as an inexperienced investor I believe it’s the “safer” option. I really need that all powerful wisdom from the BP wizards haha 

Hello Team, I have a 4Bed/2.5Bath SFR in Central Texas with a tenant leased til OCT 2022 and a property manager agreement til 2023. It is not cash flowing but I am breaking even because the property taxes are killing me (I guess I'm building equity/appreciation). There's 275k mortgage left (VA loan) and the comps are selling around 400k-420k and Redfin/Zillow estimate it as 390k. I have two questions: Can I sell the property via 1031 Exchange with a leased tenant and property manger? Or should I cash out refinance into a conventional loan and use the equity/VA Entitlement to purchase another property?

My gut is telling me to sell since I don’t see myself investing into Texas anytime soon. I’m currently stationed near Ft Lauderdale but I’m originally from Arizona and would like to purchase a multi family there. Thoughts? I’m a rookie as you can tell. Thanks a bunch!

Hello Team, I have a 4Bed/2.5Bath SFR in Central Texas with a tenant leased til OCT 2022 and a property manager agreement til 2023. It is not cash flowing but I am breaking even because the property taxes are killing me (I guess I'm building equity/appreciation). There's 275k mortgage left (VA loan) and the comps are selling around 400k-420k and Redfin/Zillow estimate it as 390k. I have two questions: Can I sell the property via 1031 Exchange with a leased tenant and property manger? Or should I cash out refinance into a conventional loan and use the equity/VA Entitlement to purchase another property?

My gut is telling me to sell since I don’t see myself investing into Texas anytime soon. I’m currently stationed near Ft Lauderdale but I’m originally from Arizona and would like to purchase a multi family there. Thoughts? I’m a rookie as you can tell. Thanks a bunch!

Look at the Bigger pockets rental calculator for Cash flow, cash on cash. Etc.

I knew it . Thanks a bunch @Ryan Garrison