All Forum Posts by: Jacklin Khalsa

@Julie Williams I personally buy near schools to avoid them. This would be important to handle if your target market is for families. Even when I rented I checked public records before going into a lease so that I was aware of my neighborhood and surrounding areas.

Good luck!

@Damaso Bautista you're right, I see what you're saying. I just need enough time to buy back my freedom to escape the 9-5 grind. I'm comfortable with hard work just not the corporate America, Work until your 70 and MAYBE you can get social security, type of hard work.

That to me is a prison sentence that I'm trying to escape now. With that in mind any educational references or advice is greatly appreciated.

@Damaso Bautista if we're talking eating beans and rice over steak dinners then I'm already there! This pandemic has been a silver lining as we drastically slowed down on outings, shopping and even annual vacation. I'm still content and here.

Am I willing to move from my very comfy and cherished hidden gem of a neighborhood? Heavens Nooooo! Additionally I've just given birth to another baby girl so my familial obligations will be longer than I planned. With that in mind couldn't I live comfortably from residual income? I'd even go as far as Uninstalling my Amazon app to do so.

@Allen Li yes the cost benefit analysis was reviewed. #1 could get me a higher sweat equity on my primary by which I could then pull out the LTV and place it on a down payment for at least one more property . #2 is just about equivalent buy there comes the challenge of managing a rental out of country. I own property out of state so I know the headache it could bring on.

I think I should continue to build my portfolio...somehow.

@Gabe Bouldien thanks for chiming in. My rental is out of state (MO), I do have a HELOC loan my lender is a nightmare and im making for no Principal payments on my nearly $500/month payments for that reason I suggest the cash out refinance.

We've consulted with contractors which brought me to the question of dumping funds in our primary or find something else .

Thanks for the insight

I'm 36 great credit one primary home with another rental. I'd like to invest to Escape the rat race, not sink further into it.

Question: Do I rake up enough cash to complete an extension on my home ( we just grew by one more child and could use the space) thereby increasing my property value for a cashout refi of more rentals?

Or

Do I rake up enough cash to buy a vacation property in Mexico renting it out when not in use?

The ladder is adding more years of time to pay off my primary and the second seems to be a manged headache waiting to happen.

I truly can't decide. Any thoughts on how to escape the rat race SOONER rather than later?

@Matthew Irish-Jones thanks for the response it was a no doc investment loan.

@Jody Sperling thanks for your quick response. The rate was a no doc investment loan. I knew after closing I'd need to find a more traditional loan for the refi.

I was thinking of pulling cash out but as you've stated the amount id get back is considerably low. I also thought that traditional lenders wouldn't lend outside of a 80/20 equitable ratio.

With that said I think to your point a refi even with no money out will still save me in the end?

Hello Fellow Investors,

Looking for advice on how to make my next investment happen. I have a duplex (2/1) in St. Louis, MO that I purchased just two years ago. The financing is at 9% with a balance of $45k. I'd like to figure out how to make my next deal happen but unsure of my next move.

Do I refinance to a traditional loan and use the money that I save in the refi deal on my next down payments?

Try to get a refinance loan which I'm unsure I'd qualify since I need enough equity for a cash out refi and the property is probably worth $80k?

Or try to find funding another way without using this property? Any advice is greatly appreciated!