All Forum Posts by: Neil Fray

If you've had significant gain on your primary (I'm sure you already know this), but you can exclude $500K in gain from capital gains if you're married filing jointly (always double check with a CPA).

HELOC interest rates are tough rn. Using high interest debt to put a down payment towards more high interest debt doesn't seem super effective in my opinion.

Is the $3,700 including the HELOC payment?

If you could get $550-600K cash to purchase in Bakersfield, would that be enough house for you?

Having cash right now can put you on the offense with heightened inventory.

Just my thoughts. Whatever you decide, best of luck to you!

Thanks for the thoughtful response. I agree on the 5k rental price being optimistic.

The $3,700 does not include the heloc. Ideally 5k in rent would cover the 3,700 mortgage and then the heloc payment....ideally.

If we sold the house we would pit the 500-600k down on a house in the 800-1m range. With 4 kids we would like to have a lot of house in the best school districts.

1 Vote

Quote from @Steve Daddeo:

Hey Neil - Congrats on the new job offer, sounds like exciting times for you and the family

What’s your current mortgage rate on the Reno house? If it’s in that sweet 2–4% range, selling might mean giving up a great rate we may never see again. That alone is worth pausing on.

Personally, I’d lean toward renting out the Reno and expanding your portfolio. With $1,300 in monthly cash flow and strong equity, it’s a solid asset. You’ve basically house hacked without realizing it (lived in a primary residence that can now become a rental and generate income).

If you're still torn, consider running a 5–10 year projection on both options: one where you sell and one where you keep it. Compare how much equity and cash flow you'd have in each scenario. That long-term lens might help make the decision clearer.

Let me know if this helped you out!

Great point on the rate. The Reno house is at 3.2%

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I received a job offer and will be moving the family (4 kids) to Bakersfield, CA. I am talking through options with my wife, but would love input from the BP community.

Primary residence is in Reno, NV. Could list for $1.2m and owe $600k

We also own a rental in Las Vegas. It's worth $700k and owe $350k.

The two options I am thinking about are:

- Sell Reno house and have a big down payment on a larger/nicer house?

-Get a HELOC to use for a down payment. This would allow us to rent the Reno house and expand our portfolio, but would mean a smaller house. Monthly payment on the Reno houses $3,700 and we could rent it for around $5,000.

Thaks for any/all input.

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I just started a new job based in Denver. I will be working remote from Reno but will need to visit the office somewhat frequently.

I wanted to sell one of our properties in Vegas and 1031 the proceeds into a condo in Downtown Denver. The thought was I would have a place to stay when I'm in Denver and I could treat it as a short term rental when I am gone to cover the mortgage. Once I started doing some research it appears that Denver has implemented some pretty restrictive rules around short term rentals.

Any ideas?

Thanks,

1 Vote

All Forum Posts by: Neil Fray

Neil Fray has started 2 posts and replied 4 times.

Post: Looking for Advice.

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Post: Help me figure out a strategy.