All Forum Posts by: Kristin Vegas
Kristin Vegas has started 18 posts and replied 58 times.
Post: invoice repairs from property management
- Posts 60
- Votes 39
for those who have more experience with property managers or managing props. I have a property manager managing my 2 houses. are they supposed to send me the invoice for any repair that is being done on my property? because last time I asked my prop manager for the invoce he said that was the last time he sent me the invoice for a repair. should it be that way? I'm a new investor so I need your help, I appreciate it
Post: sell the house to exchange it for a multifamily or keep it as rental
- Posts 60
- Votes 39
yes thinking to buy a multifamily with 5% down with the intention to live in one of the units
Post: sell the house to exchange it for a multifamily or keep it as rental
- Posts 60
- Votes 39
Quote from @Scott Johnson:
It'll be important to know how much taxes you're gonna be paying when you sell it. That way, you don't get blindsided with the tax bill next year.
otherwise, sounds like a pretty cool idea.
per year I pay around $1k
Post: sell the house to exchange it for a multifamily or keep it as rental
- Posts 60
- Votes 39
Quote from @Blake Johnson:
It sounds like you have a great cash flowing property with a cap rate of about 16-17%. I would not be in any hurry to sell this property. It is unfortunate that your lender is not willing to cash out or provide heloc, I'm curious what you mean the price is too low? Have you shopped around for other lenders? I do agree with @Jules Aton though, the best option may be to wait and save up for your down payment. Also I am assuming from the title of the post that if you were to sell the property you would be doing a 1031 to defer the taxes?
meaning thats most lenders will not do heloc on rental property or cash out refi on a home is worth less than $75k, my house is less than that
Post: sell the house to exchange it for a multifamily or keep it as rental
- Posts 60
- Votes 39
Quote from @Paul De Luca:
How much cash flow is the property producing per month? Is the property & tenants mostly easy to manage or is it taking up a lot of your time? If you were to sell the rental, what would be your budget and buying criteria to house hack?
Whether it makes to sell the rental or keep it depends on your answers to these questions.
the property is producing around $855 after property management fee, I have the same tenant for almost 3 years
Post: sell the house to exchange it for a multifamily or keep it as rental
- Posts 60
- Votes 39
Need an advice if this would be a good idea or not. To sell one of my investment properties, it is a single-family home that is valued at around $65k and no more than $70k, I have tenants who live in it for about three years and pay $950 a month in rent. the house is free and clear. I'm planning to use that money for a downpayment to buy a multifamily where I would live in one side and rent out the other side. I tried to do a cash out or heloc on this house but it couldn't be done because of the price it was low. the house is located in Rockford il, planning to buy in Rockford as well since I live here. Any opinion would be appreciated, thanks
Hi bp. is it possible to do a HELOC on a house I purchased 6 months ago? is my primary home I live in it, the purchase price for the house was $145k and I put 5% down when I purchased it. i been making 6 payments The house is located in Rockford il
Post: heloc or cash out refinance
- Posts 60
- Votes 39
Hello biggerpocket fam. I hope everyone is well, I came here because I need expert advice from you guys, let me tell you my situation: I have a investment property that i purchased 2 years ago and is valued at 65k that does not have any mortgage and that is already paid off, I want to use that property to buy another one for down payment , the question here is: What is the best way to do it. a heloc or a cashout refinance and why. your response will be appreciated :)
Post: tips or requirements when renting out a room
- Posts 60
- Votes 39
Hello everyone, I live in a 3 bedroom 1 bath house here in Rockford il, Also has a basement where there is a laundry area, bathroom and a room with closet. I'm thinking about renting the basement room and share the kitchen. my question here is what are some requirements or tips when renting a room
Post: making offer on 2 different properties at the same time
- Posts 60
- Votes 39
Can I make an offer on 2 properties at the same time and walk away from one that I didn't like the most? using 2 different agents