All Forum Posts by: Greg Betza

@Joe Norman Thank you, I like the idea of spreading the investment/risk across multiple properties. I will come back when I have more information. 

@Theresa Harris Thank you, a sensible idea!

@Jon A. Thanks, I wouldn't make a decision based on the "zestimate", I was just using that for a ballpark figure, but I appreciate the reminder that that is not reliable data.
Projected rent needs to be figured out as the current renters are family and therefore below market value. 
Cash out refi does make sense, if the numbers make work. 

@Joe Villeneuve thank you for your insight, I had been thinking exactly as you've described. I will let you know what I decide.

@Bryce Nurding They just want out. Not interested.

The property is a 3/1 approx 1200 sq ft from the early 1900s and needs many updates, kitchen, a second bathroom, windows, etc. It's not falling apart as it has been minimally maintained over the years, but it needs work to make it a viable rental and to maximize its value. It also sits on a nice size corner lot in a decent neighborhood.

It's current zillow estimate is 347K, while the property next door, same size with very little property, is estimated at 500-600K.

I have a few questions...

1) Is a major renovation a smart move? Is there a way to calculate how much $ is too much for the reno? Is a home equity loan the best way to pay for the reno?

2) I acquired a 50% stake in this property through an inheritance. The other 50% owner wants out, a buyout or by selling the property. I don't have a lump sum to pay, so is there a strategic way to buyout an owner, perhaps a long-term payment plan? 

As this property is fully paid off I feel like the upside could be tremendous if I use the equity correctly. Ideally I'd like to rent this property and use the equity to acquire more properties. I've done some research, but as this would be a first for me it is a bit overwhelming. Any clarity would be greatly appreciated.

@Will Fraser thank you, makes sense. I guess once you have the home you can stay as long as you want/need. And I definitely hear you on not overestimating our needs! 

I was also thinking, since I work at home, that I could purchase a duplex, live w/family in 1-unit and "rent" the other unit to my LLC, as a short-term plan. If I did this I would take advantage of the tax write-offs for the business rent and also not have to share space with a tenant during the time my family lives there. And after a year, move out (or not) and use equity or cash for a more permanent home and rent the duplex.

Do you know about converting half a duplex to a commercial rental? Or is that area-specific?
Would love to hear your thoughts on that strategy. Thanks!

I sold my home in 2019 and have rented since. Currently in the Tampa, FL area.

I’m looking for ideas as to whether it makes sense, in our current market, to invest in a home for my family of 4 or look for an investment property first.

I liked the idea of house hacking a multi-family but with young children I’d rather not have to move them after a year, so looking for other options to achieve a permanent home and an investment property in the next 2-3 years.

Would love to hear from some pros as I’m finding myself stuck at this question.

Thanks!