What and how would you do ...? Who exactly can help?

[Anna Piruzyan]

ok, so if you had a condo that last year was appraised as 950k, and a mortgage for about 750k, how would you "grow" it ? The current expenses are $5300 including insurance and taxes, and HOA

details:

the initial floor plan is 3 bed 2 bath, the new one is 4 bed 3 bath, 2210 sq-ft, very very desired location, 91206. The total reno cost is $220k with new drywalls, new kitchen, new windows, new doors, new bathrooms

[Melissa Nash]

Are you looking to flip, hold? STR or LTR? Is STR allowed there? Sounds like a nice property and might make a nice STR and you can do a cash out refi after renovations.

Example: I bought a property for $700k in Palm Springs, $100k renovation, Appraised for $1.2 mil. Did a cashout refi (with an STR loan) took about $100k of equity out (left the rest in) and used that $100k for another STR property. The cashflow works both properties to cover all expenses plus some cashflow. I don't really care about the cashflow, its the value of the properties the EQUITY and long term value. These will continue to go up in value bc of the areas and we know real estate always goes up. I am hedging inflation bc my $ is working hard, the guests are paying my mortgage which means its basically a FREE house. PLUS cherry on TOP, tax benefits. I got a $300k+ tax credit through cost segregation for 1 property.