All Forum Posts by: Alicia Hensley

I'm in the process of finding a new one myself. I would stay away from Armstrong Property Management though. The owner was too busy to help sell my property and when I found someone else to put my property on the market, they cancelled the property management contract. Plus, I'm pretty sure they were charging me for inspections they didn't do.

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Hey @Carrie O.!

Fellow Port Townsend person here. I realize this post is a few months old, but I thought I'd comment on the thread anyways. There is TONS of great information here and excellent resources. I love the podcasts and listen to them regularly. Plus, the calculators are VERY helpful, even if you're just practicing. Anyways, welcome to Biggerpockets!

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Thank you everyone for your comments and suggestions. All really great points to think about!!!

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Originally posted by @Dominic Jones:

I don't know the Utah market but is 30k enough to buy and renovate for a flip? Most flips run a lot more than that from beginning to end.

I would have to use Private and HM lenders, but my brother is also a contractor, so that lessens the cost of a renovation. I would just want it to have on hand for contingencies and other related flipping costs.

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Originally posted by @Dominic Jones:

@Alicia Hensley

Okay so if your goal is to sell and use the proceeds as a down payment on another FHA loan, and keep the remainder as a down payment another rental than do that! Sounds like you've just answered your own question! Haha

Every time I think I've answered my own question, I come up with something else to think about! Haha.

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Originally posted by @Damien Hall:

I agree with Charlie Fitzgerald. It depends on your goals. It sounds like your primary concern is to get a house. I would see what the loan officer comes back with about the equity you currently have. If you can get equity out and continue to cash flow I would hold it. But if the numbers don't work then I would sell.

I would definitely have to look at the numbers if I am even able to get any cash out of it. Thanks!

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Originally posted by @Becca Summers:

Great then if you where to sell it I would do so in the next few years which is your plan to avoid the taxes.

My debate would be is ifs the home fits your rental description is it a home you'd want in your portfolio or do you want to invest elsewhere like multi family or commercial?

See, that's the problem. It does fit into the criteria of what I would want in my portfolio for long term rentals. BUT, then it would take quite a bit longer to add to my portfolio if I held on to it.

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Originally posted by @Charlie Fitzgerald:

I never sell to buy what I sold...If you are going to get a primary residence with an FHA loan, you only need to cashflow 3.5% down payment. You indicate you want to use some of the money form the sale of this rental property to buy a rental property It seems counter-productive to me to do so. But that's because I have different goals with my own REI's. At the end of the day, it comes down to your goals...

The house was originally my primary residence, purchased using an FHA loan...and I'm pretty sure I can't get another FHA loan without selling. I would want to get an FHA 203k loan so I'm able to purchase something that needs renovations with only 3.5% down, instead of a conventional loan and using money out of pocket.
The idea would be to use the extra money for a flip and eventually purchase another rental when I have more cash on hand.

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Originally posted by @Becca Summers:

Have you thought about what the tax implications would be? If you owner occupied for any two of the last 5 years you could sell it without capital gains. That is where I would base my timeline. If it's been a rental for longer and you'll pay taxes either way then I'd debate how much I liked being a long distance landlord.

It's only been a rental for a little over a year, so I don't have to worry about the capital gains taxes. I've also been living out of state and using a property manager with minimal issues..so the long distance landlord isn't really a concern either. Good things to think about. Thanks!

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Originally posted by @Mike Gallagher:

either option has its advantages and disadvantages, I would sell.

That's kind of the direction I'm leaning. Thanks!

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All Forum Posts by: Alicia Hensley

Alicia Hensley has started 19 posts and replied 58 times.

Post: Looking for Property Managers in/around Lehi, Utah

Post: Hello from Western Washington and Northern Idaho

Post: What do you think? Sell or keep as rental?

Post: What do you think? Sell or keep as rental?

Post: What do you think? Sell or keep as rental?

Post: What do you think? Sell or keep as rental?

Post: What do you think? Sell or keep as rental?

Post: What do you think? Sell or keep as rental?

Post: What do you think? Sell or keep as rental?

Post: What do you think? Sell or keep as rental?