Looking for financial Advice

[Tania Lopez]

Hello Everyone!

Over the last twenty years, my husband and I have purchased 3 properties in Southern California, we live in San Diego and 2 of our properties are in Orange County and  this year's goal is to buy another property Duplex or MF would be great. We are trying to figure out, what is the best option to reach it. 

We want to sell our Condo, but one of our main concerns is that we are not going to be able to find a property to do the 1031 exchange and the other is that we do not have enough income to get a loan.

Another option is to refinance, take money out, buy, wait at least one more year and sell it or keep it. (strongly want to sell).

We talked to some lenders but the first thing they want is to run our credit. 

We are also looking for Real State Agent recommendations that can help us to buy our first MF or to find a good deal.

Here are some approx numbers. 

A Condo in Placentia, CA mortgage free                                                                                                                                  Rent: $1,650 Monthly                                                                                                                                                            Asociation: $323                                                                                                                                                                  Property Tax: $2,400 

A House in Santa Ana, CA  also mortgage free                                                                                                                       Rent: $1950 monthly                                                                                                                                                              Property Tax: $2200                                                                                                                                                             

We just finish the construction of an ADU on the property we live in, we are waiting for SDGE to connect, get the final inspection, and rent it.

Planned Rent: $1,750 - $2,000                                                                                                                                               Property tax: $2,800                                                                                                                                                             Mortgage payment $900