All Forum Posts by: Oscar Chirinos

Thank you so much Alex, I'm currently looking into this with a Real Estate investor friend of mine =) thanks everyone for all your help!

Corina thank you so much for your advice! and thank you Andrew will do!

HI everyone first of all thanks so much for all your contributions, so I've posted on here before about selling my properties in Utah to buy multiple 50-70k single family homes and rehab them then rent them out for long term cashflow, however i noticed that roundlake has some of the highest oproeprty taxes in illinois, there are however many homes under 100k, and crystal lake seems more flexible with taxes. any help or experience or perhaps have a better idea or knowledge as far as where to invest in illinois for homes under 100k? to rent out?

thanks again!

Oscar

thats a great point! thank you so much! and yes it is crazy!

Thank you very much guys this is very helpful information! I was not expecting that for the 1031 exchange wow. i was also told if you bought a home as primary and you occupied it for 2 years that you wouldn't pay any taxes in the gains, i should have done that maybe ill do that with new properties. So essentially it seems there's no escaping it or delaying the taxes if i was to sell this. Would you say doing a seller finance is a good idea? I've kind of been a bit uneasy on all this. thanks to both of you!

Ok guys so I am a bit confused as to what to do:

I own two homes in Utah, they are both single family homes

one i bought from the previous owner is in taylorsville he was renting out the basement and the top floor as two separate unites, that one currently cash flows at 800 after expenses and maintenance 

i bought this one on 09/2016 for 220k, according to my realtor i got a market analysis and that home is worth around 232k now, of course selling it traditionally would be very stupid, however i was offered 35k as a down payment if i was to do it seller finance and the person buying it would basically finance it at  at 255k from me with 35k down (i'd like to ger more offers of course)

the second home i bought in 02/205 for 215k . i owe 200k on it and its worth 266k according to the latest analysis. this one is 3 bedrooms 3 bathrooms is in an excellent area in the newer side of taylorsville pretty much murray off 215 and it cashflows at 350 a month. Now my realtor is willing to do a 2% comission to sell this one and i would only offer 1 or 1.5% for whoever bring s a buyer as i am a marketer and can advertise things myself plus is a sellers market so it seems it wont be an issue. 

MY DILEMMA:

I live in Chicago and i have been managing my properties from this far away, I do eventually plan to come back to Utah as i like it better here, but heres where i am confused.

OPTION ONE: I'm leaning at selling everything and buying 3 investment properties here in the northwest suburbs of chicago, mchenry county, kane and lake count area for 50k a piece with the 20% down payemnt of course and rehab them at 20k each and then one as a primary residency also at the cost. I have about 30k in savings pluys if i sold the other homes after comission fees, so long as i do the 1031 exchange which i have to check with my cpa how to do that with the two homes. i should net around 70k to 80k since homes around the area have sold for 280k and im listing it for 266k

if i rehab the home which most of them are two bedrooms smaller home about 1k sq ft at most i can charge between 1000+1100 per home, give or take with expenses my monthly payments should be around 500-550 so i should cashflow between 500 -550 per home.

I would then sit and wait for the market to crash in Utah before i invest in anything there.

OPTION TWO: Sell the 266k home since it has the most equity and the least cashflow and use that money to do a construction one close loan? buy some land buld a new home and flip it?

OPTION THREE: Don't sell anything (houses will still appreciate throughout 2018 and find a good property management company ,buy a small primary residency here in chicago since i will be living in Chicago for at least one more year before i move back to Utah and also since i travel a lot to chicago every vacation taken would be a tax write off since i would have acquire a rental property after vacating it and renting it out when i move back.

Even I'm confused with how to write this..ANY HELP.!????

THANKS SO much!!