All Forum Posts by: Account Closed

It does seem odd and surprising to me too, but we can't take any chances.  New bill is suppose to come out really soon. So only time will tell. Always a good Idea to remind our representatives about the importance to us.

Everyone must write a letter to their congress and senate representatives regarding keeping the 1031 exchange. This may cause some folks  go into debt with the IRS and may even cause bankruptcy for some.  Please don't just read it and implement this! I am sure others have posted but this is a very serious thing in government and should be said everyday to bring attention.

#keep1031 #1031exchange #landlordlife

Since they are currently Rentals, It will be hard to find a lender to lend a HELOC on an investment property. Most of the time it may be better to put it on your primary home for the HELOC, and use a cash out refinance on investment properties. Why not just keep the properties paid for ( you got prop 13 and a step up in depreciation bases ) or do a 1031 exchange before Trump tries to squash that? Your talking a 4-5 million dollar property/ exchange. You need to talk to a CPA/ Asset attorney / financial advisor asap SPEND THE MONEY and time. More than likely it will make the most sense to not touch anything and buy another primary home renting your current home out. ( safer in a high market ) If you just inherited the property you will not be able to show 2 years of tax returns so it may be tough. Most lenders should be able to use 75% of the current leases in place if less than 1 year landlord experience. The best advise would be to set up your team of Wealth professionals and watch out for sharks. Best of luck!

The best bank option in my home town of san diego was 3.99 with 3 year minimum. 10 year draw 15 year payback 25 year note. no closing costs. No appraisal fee unless you do not have the account open for 3 years. I have noticed that it changes from which bank offers the best but typically the best HELOC options are found at the local credit union. Good luck on paying off your mortgage quickly

If you wait to buy and then sell be prepared to pay more on the buy side to stay competitive.  Financially usually it is best to sell first and then buy as this will give you access to your funds and you are ready to pull the trigger at anytime with no contingency to sell causing a much stronger offer.  In the SD market right now it is very difficult to get a contingent offer accepted unless you over pay for the property because demand is so high for housing. If you have to capabilities to sell first I would recommend that route.  best of luck

@Sarah D.  looks like some great advise above.  Here is the attorney I used with my first eviction. Did a great job and walks you through the legal process step by step and runs each scenario. His goal is to keep you out of court and to keep your property in tact. Got them out with minimal damage done!  Also as you look him up you will see he is one of the top Real Estate Attorney's down town. Best of luck

Heinz & Feinberg: Feinberg Mark D

@Tim G. If your plan is to move out of SD and be physically present and repeat the process you will retire in a year or two. I thought about that also but decided the sunshine tax is worth it for now. To just try and move every 2-5 years owner occupied. Californians have been doing this for years taking their business to other states including most of their equity because California is expensive on all levels.  It all depends on you Tim and where you want to live. If you want to live in SD it sounds like you are sitting on a gold mine and have guaranteed yourself a form of retirement in 27 years. If you want to follow your dreams and move, it sounds like you will retire in 2 years if you commit to this full time. Have you thought of just doing the same thing again out of state? Just keep moving. Although 3.5% down for a fourplex is unheard of these days. With your action plan You'll do great. Best of luck

@Tim G.  I have done both and yes the out of state properties have done well in cash flow and I am sure I will continue to purchase them in an up market, however the SD properties have out performed on every level.  To answer your question of selling or not, although Bob Bowling can be a little rough around the edges he offers good advise. ( take it)   Do not sell your property! Unless you find something that you can not refuse and have to 1031 to get it. Or you are willing to buy a commercial complex out of state however keep in mind one wrong move and your done! When something happens you have no control and are at mercy to your property manager and construction crews. Your long term gains will out perform the out of state property on every level. SD rental market is 2-5% vacancy rates depending on what part of the city, doesn't get much better than that.  I would bet that no matter what market you choose there will not be many that have as much demand as SD even in a down economy. I wouldn't touch your property and would focus on how to obtain more property without using this current investment. ( sounds like you did good ) best of luck

If I could do it all over again I wouldn't change a thing.  It all depends on you and only you! It will be easier to join a team, however will be more beneficial if you can become your own brand. You need a plan! It really comes down to what do you want , why do you want it, what are your goals, and what is your plan to get there.  You can get all the training for free on the internet, and probably more than any brokerage is currently teaching. I do believe that whatever office you do choose my two factors were what are they going to pay me and who are the top producers in the office I can learn from including the managing broker.  This will not happen over night and will take time. No bigger lessons will be taught then the experiences you'll have just like any other job. Take care of your contact data base like it is your life and soul. best of luck!

@Kevin Phu Being born and raised in el cajon and watching it change over the years I can tell you that it is changing dramatically. Downtown is getting a new 20m hotel!  new brewery going in!  The biggest reason why in 10 years el cajon will appreciate is because of the refugees... the refugees have come into el cajon and it is the #1 area in the country for refugees.  They are coming in with cash and overpaying. Driving the market up!  El cajon can be a tricky area as some streets are horrible and 3 streets over it is good.  I would recommend trying to stay away from the center of town also known as the valley! There folks tend to not have jobs.   If you can get in the hills of el cajon or even rancho san diego this is were the working class is and it will appreciate over the next 10 years!  best of luck