All Forum Posts by: Peter McLeod

@Robert Belz awesome response and thank you for taking the time! I suppose my goals would be to make the best decision that would help me secure long term wealth! I am willing to take risk. I also am very construction knowledgeable and have no issues with a live in fixer flip. My problem I suppose is that I work in many different fields/ different sources of income/ have too many passions, i.e. I am currently building off-road race cars for a living and it’s all cash jobs but steady, therefore consistent income is an issue for me as far as refinancing or utilizing my equity is concerned. Do you think a hard money loan is possible or do I need to just buckle down and get a real job a.k.a. consistent income for loan purposes.

I need to play out current sell, refinance, hold scenarios for my current portfolio.

I own 2 homes. I bought them 6 and 3 years ago. I’m 31 years old, single. My first and primary residence is a 2/1 worth $230,000 and I owe $105,000 with interest rate of 3.5%. I have lived here more than 2 years qualifying for the no capital gains tax? The second and cash flowing +$400 a month rental is worth $160,000 and I owe $67,000 with an interest rate of 4.0%.

I’m debating selling one or both houses because of how high the housing market is and the fact both are worth double what I bought them for. The problem is I need to reinvest it back into a home and I feel like I’d just be buying at the top of the market and then what’s the point? I’ve also considered trying to refinance and sit on the money until the housing market dips again and purchase another rental. I would like to upgrade my primary residence to a 3/2 with more land. I prefer to live in a rural area, both houses are in towns but smaller, rural towns. Last thing I have considered is selling both and having $218,000 minus capital gains tax? and having the most money I’ve ever had in my bank account and saying hell ya sweet double. But then what?

On a serious note I would appreciate the advice/ what would you do if you were me. Thanks in advance

I need to play out current sell, refinance, hold scenarios for my current portfolio.

I own 2 homes. I bought them 6 and 3 years ago. I’m 31 years old, single. My first and primary residence is a 2/1 worth $230,000 and I owe $105,000 with interest rate of 3.5%. I have lived here more than 2 years qualifying for the no capital gains tax? The second and cash flowing +$400 a month rental is worth $160,000 and I owe $67,000 with an interest rate of 4.0%.

I’m debating selling one or both houses because of how high the housing market is and the fact both are worth double what I bought them for. The problem is I need to reinvest it back into a home and I feel like I’d just be buying at the top of the market and then what’s the point? I’ve also considered trying to refinance and sit on the money until the housing market dips again and purchase another rental. I would like to upgrade my primary residence to a 3/2 with more land. I prefer to live in a rural area, both houses are in towns but smaller, rural towns. Last thing I have considered is selling both and having $218,000 minus capital gains tax? and having the most money I’ve ever had in my bank account and saying hell ya sweet double. But then what? 
On a serious note I would appreciate the advice/ what would you do if you were me. Thanks in advance

Hey everyone, I bought my first home USDA 0% down. Owe about $111k on it and roughly worth $155k. I then bought a second home with 5% down conventional for 78k. After remodel worth about 95k. The second will be rented and making $300 a month on top of the mortgage. What is the best option for me with small capital but steady income to acquire a 3rd home? HELOC on my primary residence and use the funds to put down on a new house? Any recommendations are appreciated I want to take some risk young and while rates are so low. Any advice on the next acquisition? Thanks in advance.

Hey everyone, I bought my first home USDA 0% down. Owe about $111k on it and roughly worth $155k. I then bought a second home with 5% down conventional for 78k. After remodel worth about 95k. The second will be rented and making $300 a month on top of the mortgage. What is the best option for me with small capital but steady income to acquire a 3rd home? HELOC on my primary residence and use the funds to put down on a new house? Any recommendations are appreciated I want to take some risk young and while rates are so low. Any advice on the next acquisition? Thanks in advance.