All Forum Posts by: Jason Leavitt

Maybe I’m misunderstanding your question but the links you provided show the dues when you click “see more” under property details: $535 for the first one and $375 for the second one. 

Keep on learning! And while you’re at it, do your best to live below your means, pay down any debt and save as much money as you can. That will give you more options when you start to identify opportunities. Maybe get a job in the industry (property manager, development, sales etc.) to learn and grow your savings at the same time. Best of luck!

Yeah, I would only pay the minimum on the student loans until you acquire the next property (unless you need to clear them out for debt ratio purposes to acquire the next loan). Since your new property will cost a bit more, a heloc on your existing might be a solution (in addition to what you save on your own) but talk with your loan officer first when you get to that point. 

Can you please clarify? Why would buying an llc that owns six properties be cheaper or easier than buying the properties from the llc? 

What rate are you paying on your student loan? What do houses cost in the area you’re moving to (I.e. how much down payment will you need)? You won’t be able to get that much cash out of your current property and it may not be worth it given the fees and cash-out rate. You may be better off conserving the cash you have, saving more and/or adjusting your timeframe to purchase the next home. Sounds like your current home will make a good rental though. 

I’m another No vote, don’t do it. Save up separately and diversify your wealth building channels. 

This might be a great deal, but I'm skeptical that a $30,000 investment creates an ARV of $110,000. I would be very cautious about the no comps issue; this was discussed on a recent podcast as a red flag because it suggests either this particular type of housing is not in demand in your area or could cause issues with appraisals. Maybe you could share some additional information about the condition of the property and the types of repairs that are needed?

I agree with @Jerry Padilla and he meant local to where the property is.

It all depends on your goals (short/long term, cash flow and/or appreciation) but my initial thoughts are...

Yes, refi your primary residence for a lower rate (whether you continue to live in it or rent it). 

Your condo is cash flowing nicely and $195 doesn't sound like a very high HOA fee to me but maybe it is for your area. I would lean towards just keeping it but if you really want to expand and don't have other ways to make down payments on new properties you could sell it but with low down payments on the new properties you may not end up with any more cash flow right away (but you might set yourself up for future success).

Hopefully others can provide some ideas as well. 

I agree that the lease should be between you and your tenant. If the son wants to sign then he should do so using a valid power of attorney (or court appointment as a guardian/conservator). You should review the power of attorney document to ensure it allows him to enter into such contracts on behalf of the parent.