Newbie in San Diego (Mira Mesa)

[Poosana Sunnanonta]

Hello BP Community,

Thank you for all the knowledge and experience shared on this site!   I've learned so much in such a short time after actively going to the site, reading the blogs and listening to podcasts.

I am a hotel professional.  I have started investing in real estate almost 10 years ago through an invitation of some friends.  I've made pretty much most mistakes anyone can ever make.  Without going into details we bought two properties out of state sight unseen and lost both of them and gave up real estate. 

Luckily, I still have my primary resident in Vista, CA.  When I had a job opportunity in Park City, Utah I moved there and rented my house out.  Late 2015, I moved back to San Diego but decided to rent a condo in Mira Mesa due to being closer to my new job.  My house is still renting with a negative cash flow.

Bigger Pockets community has inspired me to get back in the game.  I am now ready to arm myself with knowledge and tools to be a real estate investor again.  I'd like to connect with you, especially with local members. 

Sincerely,

Poosana

[David Faulkner]

Originally posted by @Poosana Sunnanonta:

Hello @Dan Heuschele I agree with you completely. I bought this house for our home, small but comfortable. It is a 3BR 2BT house I bought back in 2000. I took out HELOC to buy two investment properties that I lost. Hence, the mortgage and HELOC payment combined is around $2000, $90 HOA, $62 insurance, management fee 7%, property tax is close to $3,000 per year. The rent is $2,075. If I refinance, $243,000 the mortgage payment maybe down to around $1,200 and I may see a little it of positive cash flow. Due to loosing two properties my credit is quite low.

This house has never intended to be  buy and hold property.  We are planning to eventually move back in.  I have roughly around $140,000 in equity.  I am considering selling it but I'm not the only one making that decision.  I need to get an okay from my other half.  Or I can be patient, rebuild my credit, refinance and get some cash out to put down on the next rental property.  I would definitely want to get into multi family units.

Dan Heuschele

One other thought is that if you and your family move back into the property for 2 at least  years, you can then sell as your primary residence and cash out up to $500k gain tax free.