All Forum Posts by: Ben Ryder

If I sell my home ill make around 90k before taxes. In terms of renting it normally I wouldnt cash flow. Only renting by room would allow me to cash flow. Luckily its 10m from near by university.

 Would you reccomend getting into mullti family? Ill have around 200k cash when I sell my home. Currently I am in south weber and I know thats upcoming. I have a half acre right now as well. So conflicted on selling. It seems like everything up there is way more expensive than down here. Thoughts?

Closed on it december 2018. Got it way under market. Paid 282 with 3% downpayment. Appraisal waiver came back 375 which didnt account for my remodel. It was dated and I updated it. Didnt put much into it did it mostly right. Im pretty sure I can sell it for around 420-450 at the lowest 400. The area is in utah and the town is in a good location. Right now I rent out 4 bedrooms out of the 5. I live in the 5th room. Im getting currently 2250 / m which makes my living expense almost nothing. If I dont sell ill refi and then ill make a little. If I move out ill be making around 700/m of cash flow. The reason I want to move is its clear a crash must be coming due to forbearance. ALso I do commute a total of 2 hours a day 6 days a week. I was considering moving and renting for a little bit then buying or I was thinking about doing a 1031 and getting another propetty but at the same time the market may drop. If I stay I live for free but commute 12h a week and destroy my car with miles , if I move my costs of living goes from almost nothign to around 1.2k-1.5k. I am really unsure on what to do. Thoughts?

Closed on it december 2018. Got it way under market. Paid 282 with 3% downpayment. Appraisal waiver came back 375 which didnt account for my remodel. It was dated and I updated it. Didnt put much into it did it mostly right. Im pretty sure I can sell it for around 420-450 at the lowest 400. The area is in utah and the town is in  a good location. Right now I rent out 4 bedrooms out of the 5. I live in the 5th room. Im getting currently 2250 / m which makes my living expense almost nothing. If I dont sell ill refi and then ill make a little. If I move out ill be making around 700/m of cash flow. The reason I want to move is its clear a crash must be coming due to forbearance. ALso I do commute a total of 2 hours a day 6 days a week. I was considering moving and renting for a little bit then buying or I was thinking about doing a 1031 and getting another propetty but at the same time the market may drop. If I stay I live for free but commute 12h a week and destroy my car with miles , if I move my costs of living goes from almost nothign to around 1.2k-1.5k. I am really unsure on what to do.  Thoughts?

Can a heloc drop if the value of the home drops?

 I might be holding onto the money for a year.

The heloc can give me up to 60k? What are the benefits to a heloc vs a cash out?

So I bought my first house in 2018 for 282. I put 3% down. After buying house was worth 320k.  At first I wasn't planning on investing until I realized the potential. Long story short the house was dated and I redid about 90% of everything. I only put around 30k but did major cosmetic and construction fixes such as adding closets to two rooms without closets. 

Well I am refinancing because I have a 5.3% interest rate. My payment is now 1820 after the first year from 1720. My lender said I can get an appraisal waved and it came back at 375. Should I do a regular appraisal? Because it came back at 375 I can pull out 30k. My payment will big around $50 cheaper with the cash out refi. My other option is a heloc which my payment will drop $300-$400. With my heloc I can pull up to 60k according to the lender. I plan on reinvesting the money into another property if I do a cash out refi. Im not sure how heloc wo uld work since paying interest on the payments?

So my current situation is that I rent out 4 out of the 5 bedrooms in my house. I get $2500/m. I pay for utilites which is a bunch. But I think right now i am about l iving for free. If I do a regular refi I will make 300-400/m cash flow vs breaking even(living for free though). If I move out my room will rent for around 750. Which that ill be cash flowing around 1k/m or with the cash out refi ill be probably cash flowing 500-750/m. 

Thoughts?

 Wow...

how long and how much would 1,000 take? Would that net you 1mil a year cash flow?

Assuming you have all of the right connections, and the money to fund it. How much and how long would it take to get their through multi family properties such as apartment buildings?

 I do live here though and will live here for 5-10 more years....kinda torn tbh. I mean I wont be using the shed at all except maybe storage. They found a ton of black mold they had to treat and remove all the panels so im kind of not really wanting to do anything with it for the time being.