All Forum Posts by: Steven Ellis

@Emy Bernardo Thanks for the insight Emy. We are trying to wrap our heads around chalking up the 1.4M for a house that was worth 1M 2 years ago and 1.2M 1 month ago. That type of appreciation seems so unrealistic that it makes my stomach turn. We do happen to have the best agent I could hope for and he is very optimistic about the prospects of buying the home but these numbers are overwhelming for a first time home buyer with a family. It sounds like you think it’s not irresponsible decision which is good to hear.

Hi everyone! I’m hoping for some sage advice regarding a home we have an offer accepted (it seems my agent had a good relationship with the selling agent). It’s a 3 bed 2 bath -1600sqft home in the La Costa neighborhood of Carlsbad CA (san diego) and we really like the neighborhood/home. Our offer is at 1.4M and although it is a stretch for us we can afford it responsibly. However we are concerned that we are overpaying massively for the home and maybe making a financial blunder. We could wait and rent longer but we will be burning money and not saving much. With headwinds such as rising interest rates potentially more inventory coming on the market soon is this an insane decision? I keep seeing homes that were larger in the neighborhood that sold for less just 2-3 months ago when interest rates are lower and it’s haunting my dreams. Our plan is to be there for approx 5-7 years and maybe step down to a less expensive market closer to our parents.

Curtis Gabhart Taj Waggaman Taj I have thought about the rent possibly going up but we have been lucky so far in 6 years they raised it only $50. It is a consideration though when looking at houses. Yeah O had read about that capital gains deduction after you mentioned it which is really great. Curtis thanks for the info regarding rents. It seems to be pretty close to what I found on rentometer. If you manage the property yourself it seems realistic to at least break even in that area.

Marcus Hendren James Wise thanks for the info, i was thinking about 8% so I wasn't too far off. Thanks!

@Taj Waggaman Taj in your estimation what rent do you think a reasonably updated 1800 sq ft sfh could achieve in that area? I am running my numbers through the BP rental calculator and if I'm being honest with myself I'm getting negative cash flow on the property with a 3k/month rent. Thanks for the input!

Anyone know what the guide is for average cost of property management? What is the best way to find someone you can trust?.... BP meet ups a good start? Thanks!

Wayne Brooks Jd Martin Thanks guys! I talked to my RE agent and she directed me to the title company and escrow. I will start there and see what they have to say.

Jessica Zolotorofe Thanks Jessica! Do you know the the best resource to find a solid trustworthy attorney?

Arpan Patel Michael Biggs Thanks Arpan and Mike! I will have to look into the concept of the 1031 and segregation of assets as a strategy and really educate myself. Mike thanks for looking into those policies I will approach the situation with a healthy skepticism.

I have posted several questions on here about my current escrow process and everyone has been awesome so thanks! My current speed bump is that this home is in a trust and I'm not sure if I should be hiring a real estate attorney. There has been a lot of confusion on the side of the seller as to who willing be signing ​off on the home and it's making me nervous. Should I be hiring an attorney or can I trust this issue will be worked out by the attorneys on the sellers side?