All Forum Posts by: Eric C.
Eric C. has started 13 posts and replied 197 times.
Post: People are fleeing California, are you?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Sean Ridlon:
If you do leave CA (I’ve a brother who’s staying and a sister who isn’t) I’d ask one favor: never forget what your reasons were for leaving and don’t vote to recreate those same problems when you get where you’re going.
We are having that problem in Colorado. Californians coming here doing just that.
Post: People are fleeing California, are you?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Karen Margrave:
Lake Shasta is the largest man made lake in the U.S. with 365 miles of shoreline.
Sorry, but not even close by shoreline or by area. Lake Powell has 1960 miles of shoreline.
Post: Looking for suggestions for txt service.
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
PM me. or send me an email at echastang at sentextsolutions dot com. I am a national sales manager for a text mobile marketing company.
Post: OWN one house or FINANCE two??
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Buy two. that way if one is vacant, you still are 50% rented. With one, you would be 0% rented. Plus a tenant in a more expensive property is likely to be less hassle.
Post: Most established banks to dump $ into high interest saving acct?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Ally Bank 1.6%
Post: Denver Long-term Rental vs. Airbnb?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Jessica Stewart:
@James Carlson I know this thread is a year old, but I had a similar question as @Sam Cain and found your response very informative!
I do have a question regarding the Primary Residence Rule in Denver, and I'm hoping you might have the answer! When I reviewed the short term rental regulations page on denvergov.org I see they have a stipulation that "Written permission must be obtained from landlords or owners". Hypothetically, if my husband were to purchase an investment property in his name and I were to lease the property from him in my name, would I be able to list that property as a short term rental and be in compliance with the primary residence rule?
Hypothetically, unless it was your primary residence, you would be operating an illegal AirBnB.
Post: Do you lease or buy your vehicle ?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @John S.:
Let's look at the numbers:
First option you put 3k down and pay for the first 2 years around 12,000.00 in payments and $500.00 maintenance. total out $15,500.00 for two years. You don't have any value in that car at all at this time. Go forward to 5 years and paid off now you have spent total 34,500.00 the value of said car that is now 7-8 years old is 2k. You spent 32500.00 to drive for 5 years.
First let me say a car loan is a huge waste of money, as is buying a new depreciating asset. But your numbers are completely off here. There is no car out there that you buy new for 25k and 7 yrs later is only worth 2k unless you totally beat the hell out of it.
But aside from wrong numbers, just go buy a late model used lower mileage car and invest your savings elsewhere.
Post: Better ROI or better neighborhood
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Let me compare two hypothetical scenarios for you. Numbers are rounded for simplicity
Scenario A neighborhood: Purchase price, 200k, downpayment 40k, monthy cash flow after ALL expenses $200, annual average appreciation 3%.
Scenario C neighborhood: Purchase price, 200k downpayment 40k, monthy cash flow after ALL expenses $400, annual average appreciation 1%
After 30 years, assuming NO rent increases, on Scenario A you would have profited 72k in rent, PLUS own a property free and clear worth 485k. On scenario C you would have profited 144k in rent, plus own a property free and clear worth 269k.
Post: Multi Family Duplex: Buying Negative for the Long Term Positive
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Daniel Sabato:
@Frank Chin Thanks for the reply! In a perfect world I would rent out Unit 1 and their payment would cover the entire mortgage for me to live for free upstairs. In this case, that isn't going to happen. I would be looking at paying $750 a month, but after year 1 I would rent out my unit and collect rent for both units! The long term is what I'm really looking at here after Year 1 !
Is the 750 monthly you would be spending less than you could rent elsewhere?
Post: Ask me (a CPA) anything about taxes relating to real estate
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
I just did a cash out refi on a rental that previously did not have a loan on it. Is the interest going to be deductible on the current rental, or would it be on whatever rental I acquire with the funds?