All Forum Posts by: Adam K.

Orange County, CA ( La Habra) 
On my current residence, owe approx $335k + $135k HELOC (down payments for out of state rentals). Home worth $825k give or take. Mortgage at 3.125% and a payment incl. taxes and insurance around $2,200, could rent for ~$3,500.

Currently the out of state rentals cash flow a total of $400-500/mo including covering the HELOC, the HELOC payment is $750, which would be paid off with sale. It's locked at 4.75%

I’m aware of the capital gains exemption to be realized by selling within 3 years of moving which is what has me leaning towards selling.

It's amazing that a $10k FHA down payment in 2010, has ultimately led to the above situation.

La Habra here. Looking at out of state options.

@Justin Wotring congratulations! Your story, on so many levels, sounds exactly like what I am hoping to do, even down to being in OC!

Been lurking for a bit, but I'm attracted to the idea of building a small portfolio of rental properties to diversify my already self-employed income. But I have to start with just one! My business is performing well, and I expect to have a tax return showing enough income to qualify for a HELOC, and from there I'm hoping to invest, either further inland or potentially out of state where I can buy a property entirely with a HELOC, find a trustworthy property manager, and get moving.

I am open to suggestions, tweaks, or any other kind of wisdom as I look into this. Looking forward to the journey.

Welcome, from OC!