All Forum Posts by: Erick Garske

Unfortunately, the rental condo unit that I own is within a complex that has fallen below 50% owner occupancy. Because of this fact, I need to market the property to investors on only. The condo is located in San Marcos, CA. Its worth 185k and has a 29k remaining on the first mortgage. The HOA is $250. and the rent is $1175, the mortgage is $437 PITA. The first is at 2 1/8% variable.

I see three scenarios in lieu of selling the property

1. Pay off the first completely and yield a 12% return on investment.

2. Get an HELOC and use the proceeds to invest in another property outside of CA.

3. Do a cash out refinance.

I would prefer to do option 2, but need to find a bank that will offer HELOCs on investor properties.

I am a real estate investor living in Anaheim Hills, CA. I own rental property in San Diego and Phoenix. For years, I have been hands on managing the rental property in San Diego but have grown to appreciate the benefits of a professional property. 

Since considering a 1031 exchange over the past year, I realized that I needed to do more research to be familiar with the process as well as rehabbing the existing properties. This lead me to the bigger pockets books and pod cast. These are both outstanding resources. 

I look forward to posting and replying to the communities and forums.