All Forum Posts by: Christian Weber

So a colleague is absolutely killing it in RE investing. 4/5 years ago he bought a condo cash 200k, used a heloc on it to flip 1 property that year. Year 2 he flipped 3ish properties, year 3 he got an investor who gave a tonne of cash and flipped like 10, year 4 he has flipped over 15 and currently has like 12+ doors plus new construction that he is getting ready to either flip or keep for a year and then Reno and flip, plus a land project where they are building homes on

Legit the same job as me, killing it. But 1 thing he always does is sell's his primary residence every 2 years. 

Can people tell me the pros and cons for this? I understand kinda the tax implication that you dont have to pay capital gains taxes on it if you lived in it for 2/5 years (and im not one to question someone killing it) But wouldnt it make more sense to keep the properties, rent out, refi out the cash and keep building the portfolio or can you make way more cash by selling taking the profit and moving to the next one without having to play landlord.

Anyone who does this your insights would be great

Nice - appreciated- Im just 40min north of you as well. sunny south florida :)

Any idea on how to find that? lol 

6 kids,,damnn lol. no wonder you want to lower that payment thats a lot of mouths to feed

Makes sense

Did you think about maybe doing the Air bnb option on your dream home to bring in extra cash a few times a month or more?

If it was your dream home and you only sold really because of fear from a money/being able to afford it standpoint I would have turned an aspect of it into an airbnb and used that income to pay down the principle to lower your payment. 

It doesnt, but then you go from 3.5% down to 20-25% down on the property.

I believe it has to be 100miles away and that you need to live in it for at least 12 months. which I wonder how is everyone doing this time after time with FHA loans like the you tubers etc tell us they do.

Ok super helpful but I have some questions - I currently rent our the 2 of the 3 rooms in my house so at least live for almost free but I was informed that if I wanted to buy another home I had to

1) if it wss far enough away could go with an vacation home loan 

2) I could use the FHA MFH loan (current loan is conventional mortgage) but only if I could qualify without needing to take the income from my current house (I would rent it) into consideration because you need to be over 100miles away I was told to be able to use the FHA loan and take income from a rental property into consideration

3) put 20-25% down and do conventional financing and I dont have that for a MFH not in the hood and would require a cash out refi and not a HELOC as I wouldnt be able to pay it back fast enough or a HELOC

4) not take the current home into consideration, get approved for what I can with an FHA and 3.5% down and then pay out of pocket to get a property on the gap between the FHA max I am given and the home price

I am open to your thoughts as I thought I could just turn current home into investment property (over 50% equity) and then go FHA with a MFH and move in. But several lenders told me no, cant do that

So what would you suggest as we are living "right now" haha dont mean for that to sound d1ckhead ish. just wondering on what you would suggest

Again tanks for the input

Dont really care the type of property - short term rental will work esp with people being more remote these days. I just know I dont want to buy in the ghetto. no problem with section 8 at all (as I will vet the hell out of the candidates and a guaranteed check is a solid thing). Basically im open to all real estate options

Only turn key if it is a short term rental with a bunch of Air bnb booked out already, I have a solid contractor who is good and very affordable so dont mind a dump at the right price