All Forum Posts by: Yengkong Sayaovong

I have 1 home already that I'm renting out currently. I left my full time job in 2017 to pursue an education to make more money and move along faster in real estate. I was working as an intern bit because of covid-19, I was one of the first to be let go.

Can I still use my first rental income to help me refinance or get a HELOC on a 2nd home?

Would the best option be a private lender if and are they willing to work with someone in this situation?

Have anyone used their 401k to purchase homes? Recommended or no? After so many years my job finally offer 401k. I was thinking of contributing to it as a savings to buy investment homes. The investment itself is not really worth it for me right now as I'm not even going to be getting more then how much I make in 1 1/2 years at retirement base on their calculations. My only hope left is really in real estate. Only concern I have is the penalty fees if I withdraw early.

I wanted to use the brrrr method on my homes. Question I have is do I need a job to be able to refinance my first home? How do I approach the cash out? I've never done this before. When I refinance, do they give me cash on hand to use so I can take that cash to purchase a new home? How often can I do a refinance?

If I don't have a job income but have income from my rental homes. Would I still be able to do taxes? Or would I have to get a business ID in order to claim taxes if I want to do rentals full time and not work anymore?

I'm in school right now and eventually will leave my job come 2020 cause my class hours doesn't work with my job hours anymore.

I only have 1 duplex and 1 single house right now.

I'm looking at my options and have several ways to go about buying my next rental home. I already talked to the banks already too but just really minor as of now.

I have 1 duplex home paid off and 1 single home with just a little under 20k left. Keep in mind that my personal income is limited right now so getting a loan might be harder. I would have to find some way to cash out homes.

Option 1) With my income from rentals in both single and duplex along with what I'm paying now, the home would be paid off by June 2020. Save up for another 2 years then put down payment on new rental home.

Option 2) Keep the rental income for emergencies. Do a HELOC to purchase another rental home.

Option 3) Refinance home to purchase a new rental.

Option 4) Contact PML that would be willing to work with me.

If my parents were to give me their home snd not charge me, would that be possible? If so, how should we proceed? What paperworks are involved? Do we need any agent or lawyer?

@Mike Franco

The issue is not with them turning it off. The issue is that when they turn it off for 12+ hours, it's not blowing cold air at that instant after turning it back on. They want cold air tight away.

The issue here is they want the AC to be blowing cold air right away after turning it off for 12+ hours. If they were on vacation for a week and turned the AC off and come back to it not blowing cold air right away and they are ok with it then that's ok with me.

@Natalie Schanne

The first time, the AC guy didn't say anything to them. The 2nd time was when the AC guy told them the unit is not broken.

@Kyle J.

I put that clause in there because 50% of the tenant I had since 2010 had done this same thing. They turn off the AC when they leave then when they come home, they turn it back on and expect the home to be cold at that instant not understanding that it takes a little time for the home to get cool if they turn it off for 12+ hours.