All Forum Posts by: Daniel Y.

I think I am following what you mean. Let me know if I have the breakdown correct.

-You currently live in your primary house

-You acquired a business from husband (hopefully a property, as it was not specified)

-You want to sell that business and 1031 exchange it to a triplex that you saw

-You want to move into one of the units of the triplex and rent out the other two, while also renting out your previous residence

Does this sounds correct? If so, then it is possible. There will be other details that you need to iron out before doing this, but it can be done.

I was actually searching around that around a while ago. I never saw that property come across my way, but there was another property that I put an offer in. After inspections, it wasn't worth it, mostly because the seller was not willing to come down any more. There was another property that sold in that area that did not have anything updated inside, not sure about the CapEx, and rent was low that sold for about 170k. After the new owner fixed it up, they were renting it for about $50-$100 more than before. Hopefully, you are able to get the property at a low price. My only guess is that the property is a very big project that most want to deal with, on top of other reasons.

Hi Susan,

Thanks for the info. I am not too worried about Huntington Beach because I don't have rental property in this city, but also because of all of the development that is going on here. There have, and still is, a lot of luxury apartments and development of old mall stripe being built. The rent for these luxury apartments are crazy high (less than 600 sqft studio for over $1800). If this movement starts to maybe pose some kind of threat than these developers/companies will group together to crush all of them. However, there are other areas of OC that I am more worried about. I guess we will just wait and see. Will it be real or lame like the whole CalExit talk.

Hi Susan,

I appreciate you informing us of this issue. I remember you made a post a while back mentioning that they want to spread rent control into Orange County as well. Since you have spent more time in the forums and researching this issue, do you know when and where they plan on passing any rent control in the OC area?

Daniel

 You could contact Enrique at RDE Capital. He helped me do a little foundation work (minor work), reroute the dryer vent, and replace some broken shingles on the roof from a fallen tree branch. Decent work, relatively quick, and reasonably priced. If anything, get a quote so you can get the best price.

 To add to that, it's also hard to increase rent too. A buddy has a house that he rents to his uncle. When he wanted to raise the rent, his mom came blasting, "You can't raise the rent on your uncle!" He hasn't raise the rent on his uncle for 10+ yrs.

@Shaun Weekes @Dane Ohlen @Robert Sepulveda

Thank you all for your input. Getting a few mixed messages, but piecing the entire picture together on what is and is not allowed.

I have learned a lot from the people and this site, and it has help me become more and more educated each day. So when I hear this, I was very skeptical and I still do not believe it to this point. However, it was a statement made by a branch manager of a bank who has operations in TX. They said that if you buy a property in Texas with all cash, you cannot perform a refinance on the property for the entire time that you own it. Is any of this remotely true in one sense or another? I have talked to a few lenders, both in TX or lend in TX, about buying all cash then doing a cash out refi and they continue the conversation about more strategy and tell me to call them when I get the property. I found nothing from a quick Google search on this topic, and just looking for confirmation on the degree of absurdity regarding this statement.

Let the jaw dropping begin...

 Hey Sean,

Thanks for the explanation. Sounds like it can become a handy tool when used correctly.

Hi Jay,

Hypothetically speaking, what would you have done if the price went up to 190k and you won with the escalator clause at 192k? What would you done then?