All Forum Posts by: Edwin Ro
Edwin Ro has started 9 posts and replied 17 times.
Post: Where to get objective advice? Leveraging existing to buy more rental(s).
- Posts 18
- Votes 2
@Becca F. , yes, I've been looking at properties within travel distance to me, as in I am in Los Angeles. For example, Mammoth Lakes, Inland Empire, South Bay, etc. -- all over priced.
Is that $176 cash flow, post taxes (income)?
Post: Where to get objective advice? Leveraging existing to buy more rental(s).
- Posts 18
- Votes 2
7%+ HELOCs/HEL worry me. I am not finding much where cash flow would be even or positive.
Post: Where to get objective advice? Leveraging existing to buy more rental(s).
- Posts 18
- Votes 2
Ok, that's logical.
Post: Where to get objective advice? Leveraging existing to buy more rental(s).
- Posts 18
- Votes 2
Is this a good time to tap into a rental property's equity to buy another one to generate cash flow? The rental has no debt.
Post: Remote Landlord/Property Management Options for Condo - STR
- Posts 18
- Votes 2
Quote from @Dave Skow:
@Edwin Ro - the following info doesnt address your main question but thought I would note 1) has the condos HOA been put in place yet ? if so - can you / have you double checked that you can rent it ? if the condo HOA doesnt exist yet - try to ask builder / sellign agent about the plans to rent it ( as you dont want to close on it and then have the HOA say there is an issue ) 2) there is liekly a POS ( public offering statement ) for the complex that you can review 3) if you are getting a loan - your lender may have obtained a lender condo questionaire that you can review
Yes, I can rent it. Per the HOA regulations, the minimum requirement is 30 days to rent it out to someone else. Condo is built and ready for move-in, but escrow closes next week.
Post: Remote Landlord/Property Management Options for Condo - STR
- Posts 18
- Votes 2
Post: Remote Landlord/Property Management Options for Condo - STR
- Posts 18
- Votes 2
Closing on a new-build condo in the Seattle-metro area. I reside in another state. I am looking to rent out the property for 30 day+ rentals, but nothing longer than 6 months, primarily because I need to use the condo 1-2 weeks at a time for a total of 4-6 weeks in a given year.
Does anyone have recommendations? I looked into Blueground, but they are not accepting units at this time. I am waiting on a call back from Zeus Living.
I am open to doing this myself as well, but I would need some advice on where to post it.
Thanks in advance!
Current rate 3.125 and just signed the mortgage, so reset is not an issue. I can probably get 2.5 since the loan will be conforming and no longer jumbo.
I like the the index fund, assuming this is low risk, because I can generate enough income to pay for 3 to 4 months of the mortgage.
Situation is $800K loan but have $400K cash. My monthly payment is $3,600 excluding tax and insurance (50% of monthly net income). I am thinking of paying down the loan to about $500K to get a lower monthly. Otherwise, I was thinking of putting the cash in a low-risk fund and draw from it to pay the current mortgage.
Post: Potential issue with loan for primary home purchase
- Posts 18
- Votes 2
Here's the situation. I am in escrow for a primary residence purchase and I will be converting my current primary as a rental. My lender is not factoring this future income so my debt to income will be a little high. They are asking that I pay off a car loan of $10,000k. I have two car loans: $10k at $625/mo and another $42K at $725/mo (Tesla). I have $10k to pay it off but I hate to tie up that cash up in a car and rather use it to toward fixing the new home (it needs some minor repairs).
I am thinking of selling the $625/mocar which Shift has offered me $20k. This way I'll net $10k, but I do need two cars since my wife, son and I share two cars for school and work. I will then lease a $300/mo car with $0 down (e.g., corolla or camry). Is this a good idea? Any other techniques? Will the lender not like to see a lease open during escrow?