All Forum Posts by: Roberto Vasquez

I wanted to build a pool for my home, after shopping around, best quote was $45k. So I thought, why not getting a new house with a pool, my out of pocket will be almost the same (5% down for primary home), I will rent my current house and even be on the positive side. I've found a house, $776k asking price, price is already over market value, I've reached out to the realtor and he advised me that he got 2 offers over $800k, the realtor was keeping me in the loop and gave me a courtesy call, however I passed on it because he got an offer for $900k, $500k down and no contingencies. I live in a hot market (South Florida), I honestly don't see a market correction in a near future, we have too many people coming to South Florida and driving the market up. Should I keep looking for a house with a pool or just build a pool for my house? 

What are your thoughts?

@Sean Thompson Thank you Sean, I appreciate you took time to reply to my question, looks like I got a good deal.

@Ryan Blake 100% I really appreciate it, this is my second deal and I am still learning, it's a process. Thanks again. 

@Ryan Blake yes, I am the guarantor, I have excellent credit. Thank you for your response. 

@Lien Vuong Hi, thank you, and yes you are right. One of the banks actually offered me that option, but only to refi and pay off my debt, but in order for me to get money out they mentioned I will need to own the property for at least 6 months. 

I've bought a property, got the money from a hard money lender, after fixing it up I've decided to keep it as a rental property. I am looking for a lender to refinance the property to pay off the hard money lender and also to get money out to keep investing. This is the best I've got so far, rate of 5.25% for 30 years, origination fee of 2%, service fee $999, pro rated interest $566, third party costs TBD, 75% loan to value. pre payment penalty if I sell it before 3 years...Is this normal for refinancing under an LLC? Does it sound good? Thanks.

Understood. I am glad I asked. Thank you. 

Hi Dave, 

Looks more complicated than I thought. My intentions is to flip the house as soon as possible, and I thought that selling the house and use the money to reinvest it will be enough to avoid capital gains. Thank you for your response. I will look into it. 

When and how do you report a 1031 Exchange to the IRS? I am buying a property and I will flip it after is fixed. Any suggestions? Thanks.

@Mike Kedziora I will say rent it out, I think you’ll be able to sell it at another time and make the money as well, keeping it might guide you to a financial freedom while adding more to your net worth.