All Forum Posts by: Polo Vazquez

Hey! apparently the 10% penalty has been waived for the remainder of the year due to covid 19. So you would only pay income tax. This depends on your bracket I believe. Call the company where you have your 401k set up. They should be able to help you

Another option is to simply open a brokerage account (Webull, robinhood, fidelity, M1 finance are all good) and start putting your money in an index fund. Since the market is down right now, your odds of losing money with an index are low. This way, your money will be growing and you can take it out anytime you want with no fees or penalties. You would have to pay taxes on the gains.

I use webull, fidelity and robinhood. Let me know if you if you want my opinion on these.

I'm hoping that instead of blocking evictions, they pass something similar to section 8 where the government gives tenants in need money to pay their rent. From what I've seen this bill does include some of that (but also blocks evictions, doesn't make much sense to me). 

Anyway, like some of you pointed out, Trump alrady declared he is voting it down.

This is litteraly the only thing I'm scared about. I'm ready for a recession. I can withhold half my properties not being rented if necessary or lowering rents... but not getting ANY rent for 12 months? I find this absurd. 

The Bill does say that we would not have to pay taxes or insurance on the property so it takes a big expense from us, but what about pipes busting, gardening etc. Even if this were all taken care off by the government that still leaves us with 0 profit!

These are all great ideas! Thanks a lot.

I have tried to offer help moving stuff out and she refuses. I told her we were going to inpect the property and she insists on being there when we go inspect it.

Before covid 19 pandemic this tenant was informed that her lease was not going to be renewed next month. Well, next month came by and she didn't move out so we filed an eviction order, a few days later evictions were canceled. Since she knew she was being evicted she actually found another place and moved there but is now using my property to store things! And well, I don't think I can kick her out. She keeps saying she is taking the things out tomorrow and tomorrow she says the same thing

My plan as of now is to play nice and hope she hands me back the property and then sue her for all the missing rent. If anybody know of a better option please let me know. Is anyone going through something similar?

I already tried asking her for at least half the rent, which she said she would pay and never.

I live in Texas

I just have one that asked if they could pay it in two payments to which I agreed to and another that didn't pay anything but they werent paying since before. We were in the process of evicting them when everything got canceled. She paid $200 dlls which is something

@Andrew Postell The calculators don't let you put the rehab costs into the loan. You can play around with the numbers though and make it asimilate it though. (You can just add them to you initial purchase price instead of putting down as rehab costs). I think @Ricky Jay Montoya meant to do this because it doesn't make any sence to get a $7000 loan on a 30 year term like he has right now on this calculation. 

Are you trying to do a BRRRR?

Heloc would would only be better if you actually plan to pay back the money when you are not using it. For example, in between flips. If you are buying and holding then you would just be paying a higher interest and are better off refinancing. Unless, you are using HELOC to buy properties cash, fix them up and then get a mortgage on the new property and use it to pay back the Heloc while you look for another one. However if you plan on doing this there are rules for how long you have to wait refinance a newly bought property and how much money you can pull out. If you are interested I can point you to a very informative forum post about this rules

I just installed a 40 gal water heater at my house. It's more than enough for two people. I'd suggest one of these for the one bedroom ($350 at home depo). 

50 gal is supposed to be for up to 5 people so it should be enough for the 3 bedroom units, unless they take very long showers. If you are paying for utilities then this might work to your advantage or you can just go a little bigger so they can take comfortable showers. I know hot long showers are important to some people. (50 gal water heaters are about $400).

As you can see you wouldn't be spending much in water heaters. It's the installation that cost you money. I got quoted anywehre from $1000 to $3000 from plumbers to $250 from a handy man to install mine. I ended up having a friend help me for free.