All Forum Posts by: Poosana Sunnanonta

Wow! That is very inspiring. I am a hotel professional also. I know exactly what you mean. Thank you for sharing. I have one rental property currently and looking into my next one. I just discovered BP this year. It opens up my eyes to see many possibilities. Your sharing serves as a reminder that anything is possible. Congratulations! I am very excited about where this will take me now that I can learn from everyone's success here.

Welcome @Tommy Nguyen to BP.  I agree with many members here that it is very difficult to find good deals in SD right now.  I have one rental property in Vista right now and thinking if I should be selling it and invest out of state.  As @Dan H. has said, holding a property long term in SD will give you nice appreciation.  I bought my property in 2000 and still holding on through the market down turn.  Sure enough the value has come back near its peak.  I also am interested in what @Michael Swan has done with his investment.  There's are many different paths and I'm still searching for mine.  Good luck Tommy!

@Stephanie Medellin Hello Stephanie, does the lender you work with do a refinance?  I am in San Diego.

I went to a few banks and I was told of the 7-year requirement.  Can you PM me the lender? 

Welcome to BP Spencer! Just wondering, why would you want to leave Utah?

Thank you @Antonio Gonzales ! I'll PM you.

Thank you @Shawn Couch!  Our original goal was to keep the house and give it to our kids.  As I look at it from an investment point of view I begin to see other possibilities.  I'll PM you.

Welcome to BP  @Yolanda Armstrong! I bought my first house when I first moved to San Diego because the rent was almost the same as a mortgage payment.  It was a no brainer when I crunched the number.  I had no idea that I got in at the bottom of the cycle in 2000.  I had never wanted to pay for anything at the asking price so I offered $161,000 for my house that was originally listed for $179,000.  It was accepted right away.  I thought I should have put in a lower offer but was happy with the deal.  The two houses I lost was purely speculation I got in wanting to help friends.  If I had learned about the costs involved I would have made a more informed decision.  What I learned was the purchasing processes in which I bought both of them at the same time out of state.  Looking back, I'm glad I have learned the hard way.  It is a reminder to always look at the numbers.   This site have given me so much encouragement. 

I think @James Masotti has an excellent point.  I am a newbie and have been reading quite a bit.  To echo and elaborate what James is talking about may I recommend a book by John W. Schaub, "Building Wealth One House At A Time".

Thank you Bruce M. It was a lesson learned. It also open me up to a different point of view and make me wanting to do better. I've learned a lot through this experience.

1. Refinance and hold:  At best, cash flow will increase by around $600/month.  It's still negative.  Assuming rent will increase $100/mo each year, it will take no less than 3 year before a break even is realized.  This is San Diego, rent will only goes up.

2. Refinance cash out.  $60K cash out is possible but the cash flow will be in the negative of $600/mo.  However, we can also move back and live there.

3. As Dan suggested, getting $140K out and invest elsewhere will yield a much better return.  I can start out as a private lender as well. 

What would you do?