All Forum Posts by: Loretta C.

Hi there, 

How is the SF market right now?   I have a friend with a 4BR house who would like to explore renting her rooms as an MTR. Any  thoughts? Is it hard to rent rooms in SF right now? Would appreciate any information anybody would like to share.

Thank you

Hello I have a situation: I have a paid-for investment property in the Los Angeles area worth ~800K. I would love to 1031 exchange it into a vacation property to use occasionally in the mountains near where I live. However, the current renter of the LA rental property is an assisted living. The AL company has been there renting my property for over 10 years and they are wonderful tenants. I approached the owner of the Assisted Living and (of course) he said he would be interested in seller financing. What I don't know is:

-What might be the advantages of seller financing? I suppose that I might pay less taxes? The Assisted Living owner threw out the idea that he could put like 200-300k down which is not too bad. Given the awesome rates right now, what would be a reasonable interest rate?

-Another potential advantage of the seller financing is that perhaps my vacation home that I would buy with it would not be subject to the rules of a like-kind exchange....(for those who are unaware, you can technically only stay in a rental property like 14 days unless you are actually working on the property..which...come on, I 'm not very handy...)  So if we went with the 1031 exchange we would be a bit restricted with how much we could use the property

-I have tried to tap the equity in the LA rental property home but I was denied because it is operating as a business so I cannot get a HELOC

-FWIW, this LA rental property home was my husband's childhood home originally, so I only pay like $1000 in tax annually...so that's another thing to consider...maybe I should just keep this easy rental

-Any other suggestions? Any comments? Trying to be smart about this.

Thanks in advance!

@Terry Leinneweber contact Haven / John Hauber.

@Stephanie Cruz feel free to PM me.

@Marjorie Patton Hi Marjorie, please add me to your list. Do you need my email address?

I'm looking forward to seeing all of you this evening! 

Loretta

Hi Julie, Just wanted to say that I was inspired by your post! Best wishes to you on your journey!

Hi Dominic, I see that the original thread is 9 months old. If you are still interested in this project, please PM me and I will put you in touch with a woman who lives near your who has started a residential assisted living. Best regards, Loretta