All Forum Posts by: Esta Ryder

I would say that there isn't a wrong answer.  Just do what is best for you.  If it is very stressful even thinking about renting out the Detroit property again I would just sell it.  Also, I have known several investors who decided to sell an investment proerty for different reasons and decided just to pay the taxes.  They felt like it was time to for them to sell and the taxes they paid were not high enough to feel forced to save tax dollars by buying something else.  In fact, one couple (who is very smart with investments and money) made so much equity on their investment property, they decided to do someting else entirely with the money.  S whatever helps you sleep at night and meet yout long term goals is what you shold do- whether someone else agrees with you or not :)

I'm sorry that you are dealing with this.  It is definitely a mess.  Here is my thought:  While this is a great forum for many things, I would not want to get any legal advice here (nor will I give any).  Find a good attorney that specializes in this type of situation in your area.  That is going to be your best option to get the correct/best advice.

Great job!  Congrats on a successful flip!

Keep that one as a rental and do not refinance yet.  Keep the lower rate and rent it for 12 months.   Make sure you even like being a landlord (contrary to what you might think, many people think they want to be a landlord and change their mind after doing it for a time).  If you love being a landlord, reevalute what to do at the end of 12 months.

Been there, done that in terms of STRS in Ohio.  So here are a few thoughts:

*Don't take my word for it, confirm it with Columbus but I believe that if you pull out the money and then decide to go back to teaching, you start at level zero in terms of years toward retirement.  Again, confirm that in case I am wrong.  If I'm right, make absolutely sure that you will never want to return to teaching before pulling out the money.

*You will have to pay a fee for early withdraw and then pay taxes on the money.  I believe it is 30% but confirm that with Columbus.

*There is a way to roll it over and then invest it in real estate within an IRA. You will want to ask a financial planner for details.

*Ask your financial planner and your accountant what all of your options are and what they think is the best option for you based on your situation.  That willl make you more confident in whatever you decide.  I know a financial planner who can hlep with this.  If you are interested in his information, message me.

Best of luck to you!

Congrats on your upcoming college graduation and your new job!  

You want to take advantage of the better interest rates for an owner occupant. So I would suggest buying a duplex and live in half and rent half. If you are using traditional financing, buying an owner occupant duplex will allow you to: 1- put less money down (as low as 3.5% if you go FHA rather than 20% required for an investmetn property) and 2- It will allow you to buy at a better interest rate because you are an owner occupant.

One more suggestion, I would find a Realtor and a good lender (ask your Realtor for some suggestions) and a financial planner to help guide you since you have a good income and little expenses.

How often do you have these?  I am a Realtor in Ohio but we own a condo in PCB and come down throughout the year.  I think that it would be fun to learn from other Realtors in the PCB area.  Plus, I am always looking for an excuse to go back to Florida :)

Great job on your investment!  Buying and holding (especially when you get to live in it!) is a graeat option

The problem with an addition is that the cost of the addition is rarely a dollar for dollar return.  With a remodel, maybe (hence why people flip homes) but in a construction addition, not so much.  So you just want to make sure that this property is where you want to stay for quite some time.  For example, a few years ago, we added a first floor master with full bath and walk in closet plus first floor laundry.  Our total cost was $80K.  The only two upgardes we did were full exterior stone and a new roof onn the entire house.  No tile shower, etc.  From one appraisal to another (within a year of each other), the addition only added $20K in value.  I'm definitely not trying to discourage an addition.  I love ours! I'm just saying make sure that you are confident that you are staying in the home long enough that an addition makes sense.

I would just have a mowing company mow and take care of the dog poop.  Two reasons:  

1- it creates a system for you (same person always takes care of the lawn and is on a schedule) and everything runs better on systems

2- it keeps the property looking nice (home is mowed at regular intervals)