All Forum Posts by: Armando Carrera

Im always interested in your posts because Im also int he MH industry and there arent many posts regarding MH on here. Thanks for always contributing info regarding MH and parks.

Regarding the OP, I drive a truck for various reasons. Its a versatile vehicle. Comfortably seats 5 adults. Can be loaded up with tools, trash, furniture, etc. I feel more comfortable on and off the road. And a big one is safety. I was in an accident years ago and I firmly believe that if I wasnt in a truck at the time, I wouldnt be here...

1 Vote

Quote from @Jessica Cooper:

Hello, I am currently looking to start the build up to my first investment property.

I am currently weighting the options of new bank. As my main/current bank is a military bank/credit union and I don't like that I cant see all pending transactions and deposits until a certain time (which is a little annoying, I prefer to see it at anytime of the day). And I would like the perk of multiple branches across the U.S.

I have narrower down the list of banks to the two bigger banks (mainly due to multiple branch locations in the US), I am interested in hearing anyone's experiences with these banks (basic reviews, insights, and ultimately experiences (good and the bad)) in order to pick the bank for the personal checking/savings account for rental property. Of course this account will be separate from my main personal account for tax ease, etc.

I am ultimately looking for:
- Website (easy and direct to the point use)
- App (easy to use, has access to all the banks options, can see deposits and pending transactions at all times)
- Great Credit Card Interest rates (to include cash back, points, etc)

I look forward to hearing everyone's input.

Morning Jessica,

I have done business with both banks. I ultimately ended up sticking with Chase. I have 2 checking accounts with them and 1 savings account. I like having 2 checking accounts because I use one for personal but the second one for only investment transactions. Easy to keep track of incoming and outgoing money for my rental. I also have their credit card, which has money back perks etc.
Itll come down to a personal decision, how close a branch is etc...

0 Votes

Hello,

My two cents. I’m not a realtor just a w2 employee with an investment property.
assuming your numbers are correct. Today you are assuming it’s -200, is this based on next years rent amount or today? If it’s today’s numbers, rent amount will be higher (bringing your -200 to -100?). And that’s just year 1, you can raise rents yearly moving forward while hopefully gaining appreciation.

Also there’s the tax benefits. You’ll have write offs.

Lastly, rates are going down, so you can refi and break even sometime this spring.

Try not to be scared/nervous, we’ve all been there when purchasing our first investment property.

0 Votes

Dallas, Texas

Quote from @Tanya Ahmed:

I have been searching for this, wondering if you knew. Would fabricated or manufactured housing count as an ADU to build, rent and possibly sell under this new law?

Hi Tanya,

You can absolutely install manufactured homes as ADU's in CA. I installed a few through out the Ventura County, both under city and county jurisdictions. You wouldnt be able to sell them independently from the main home.

Pictures attached. Though they all look similar, theyre all different homes. The white body and black trim was/is popular in SoCal...

0 Votes

Hello

Contact 21st mortgage out of Knoxville. They’re the largest mh lender in the country. They should be able to help you

0 Votes

Memphis, Tennessee

Thanks everyone

Reason for my income dropping is because I moved out here to the Phoenix area from California. My new job doesn’t pay the same. I’ll be dropping my income by about 1/3.
hopefully with rates dropping my lower income will still be enough. Worst case, I can have my wife jump on the loan as well.

We also want to look into purchasing another investment home and putting 25% down.

0 Votes

Hi everyone,

We just purchased a home this summer for $450k and put 25% down. Currently owe $342k at 7.5%.

We have no problem paying the mortgage as it currently stands. My concern is if we want to refinance, since rates are dropping, will I qualify even if my income drops when the new year begins. Btw, even after my income dropping, paying the current mortgage is no problem.
just wondering if that will play a huge role.

thank you in advance

1 Vote

Quote from @Peter Dukaj:

Hi there,

It's great that you're seeking advice on this matter. I'm not a financial expert, but I can offer some general information that might be helpful. Capital gains tax is typically levied on the profit made from the sale of an asset, such as real estate. The gain is calculated by subtracting the purchase price and any eligible costs (improvements, fees, permits, etc.) from the selling price.

In your case, if you sell the vacant lot for $100k and your total investment is $100k, it seems like you might not have a capital gain. However, it's crucial to consider other factors such as transaction costs, real estate agent fees, and any outstanding loans related to the property.

Additionally, tax laws can vary, so it's advisable to consult with a tax professional who can provide personalized advice based on your specific situation and local regulations. They can guide you on any exemptions or deductions that may apply to your case.

Remember, this information is not a substitute for professional financial advice, and it's always a good idea to seek guidance from a qualified expert for your specific circumstances.

Hi Peter

Thanks for this info. That was kind of my thought. Maybe at worst, would only pay gains on the 20k if the improvements, etc weren’t counted? I’m just trying to at least break even to reinvest that money elsewhere

0 Votes

Phoenix, Arizona

Hi everyone,

Wife and I purchased a vacant lot with the plans to build. We decided to go a different route.
we purchased in may of 2022 for $80k. We invested another $20k for improvements, draftsman fees, permits etc. so all in we’re in it $100k. We are listing it for 120k.

If/when it sells, at say 100k.

Would we need to pay capital gains?

Any help would be appreciated

thank you

1 Vote

Phoenix, Arizona

Hi Alan

A native from Ventura myself, I invested in the Phoenix area. Even today with sky high home prices, you can buy two homes in AZ for the price of one in the 805. Rents average about 1900-2100 monthly. I think the advantage of having 2 properties is if an emergency comes up, selling one at 350k is easier than a 800k home while still keeping the other one.
I’m not a realtor, just your average joe trying to build generational wealth. Good luck!

3 Votes

All Forum Posts by: Armando Carrera

Armando Carrera has started 20 posts and replied 70 times.

Post: For Americans earning more than $200,000, the Ford F-150 was the most popular Vehicle

Post: Chase or Wells Fargo Bank

Post: Is it worth it??? (First Time Homebuyer)

Post: AB 1033 ADU in California Thoughts

Post: Mobile Home Lenders

Post: Will I have trouble refinancing?

Post: Will I have trouble refinancing?

Post: Will I need to pay capital gains?

Post: Will I need to pay capital gains?

Post: Invest in backyard(Socal) or go out of state?