All Forum Posts by: Jon Quijas

thanks @Robert Musallam. Great feedback. It's refreshing to be around people that are smarter than me! I am planning on making a decision soon. 

Thank you. From day one @Mike D'Arrigo it hasn't felt right to sell. I appreciate you allowing me to shoot a few things off of you. I may consider refinancing, which makes more sense. It IS a condo, so I worry about HOAs going up, but they have stayed relatively cheap (282 and that's water and trash included). I think for the time being, holding is the best option as you stated. 

Besides KC, which other markets would you recommend as cash flow? Would I need to refinance and pay all cash? I guess I should probably speak to a lender. 😀

@Mike D'Arrigo thank you for sharing that. I was just reading about some of those areas you mentioned. I have about 260k in equity in a rental I have which brings in about 600/month in net income. I am gathering all the information that I can and then will think about either selling or seeing if I can get some type of loan. I made the mistake of paying down some debt as much as I could so I have plenty of equity, but little cash on hand. 

Any advice on financing a third property would be appreciated. 

@Gordon Cuffe thanks for the feedback. This was a primary residence 2 of the last 5 years (which I believe means we don't have to pay capital gains if we sell). We bought it and fixed it up. Here are the numbers: 

1. Bought 2bed/2bath for 235k and we currently owe about 215k. Net income (after mortgage, HOA, taxes, and everything) is $571/month.

2. A recent comparable unit sold for 475k. Equity is roughly 260. 

3. We did take a heloc (owe about 28k) to buy a second place (townhome style condo that's detached) in SJ for 442k (3bed/1.5bath). Wound up being a great deal being that a 2 bedroom in our complex just sold for 510. 

4. Wanting to take that next step. Worried that I can lose this little income in the rental, but willing to take risks. Also, I know the Bay Area, but not other areas too well. Any advice or connections to knowledgable individuals in these markets would be greatly appreciated. Would love to connect. 

Thanks again! 

Jon

Hi @Chris Dawson! I am open to a good deal in a neighborhood where renting will not be an issue. Currently, I have Condo/Townhomes in SJ, but would be open in single-family and or multi-family units. Right now I am in the researching stage, and a friend of mine and I may go out to KC end of May. Let's connect!

I have heard a lot about Grandview, Independence, etc. What neighborhoods would you recommend? I am looking more or less for a long-term buy and hold that will give steady income. Can you recommend any property mgmt. teams?

Thank you @Jo-Ann Lapin. I have heard good things about Elk Grove. Currently looking it up.

@Brett Goldsmith That would be a great help! I was going to start researching, calling, etc.

@Victor Trujillo I would appreciate that!

@Brett Goldsmith that's great info. Do you have any leads on PM teams you would recommend? Would love to pick your brain.

@Jason Hawk I will connect. Looking forward to picking your brain as well.

Kindest Regards,

Jonathan

@Jeff Rightmyer Where would you invest? Thanks for the feedback. I really appreciate it.

@Penny Clark Great advice! One of the areas we were looking at was the Sac area. I realize its probably a little late. I have seen some pretty good deals. Any areas you can recommend in Sac, Roseville, etc. for buy, hold and rent out? Which areas should we stay away from?