All Forum Posts by: Daniel Suarez

Thank you so much Melanie! I will definitely take that into consideration 

Thank you @Melanie P.

I’ve been completely hands off letting my property manager take care of everything. I will certainly be a bit more involved in the process.

Another alternative I saw recommended was maybe doing Airbnb in a couple of units, also we don’t do any section 8 now. That’s sometbing i might want to explore as well 

@Scott Mac Thank you. That was my thought originally. The price of building something like that with electrical and plumbing might get completely out of hand though. 

Thank you that was my thought. 

We don't accept applicants with evictions. Yes, the manager strictly requires 3x the rent. No pets are allowed since it's a very small apartment. We haven't tried the 24 month lease. I don't know why 60% of the tenants just leave breaking the lease without saying anything. 

Oklahoma City, 73112. All bills paid starting at $795

Hey All, 

I have a one bedroom 16-plex that has been having trouble getting tenants and keeping occupancy for the past year, one of the feedbacks we mostly get is that even though the apartments are nice they want a washing and drying machine. 

Our manager suggested turning one of our empty units into laundry room to attract better tenants and charge them a fee to use it (that would pretty much cover the price of rent that the unit would get) 

Has anyone done something similar or any thoughts on this approach? Thanks in advance. 

Thank you so much Dave. I really appreciate your answer!

Hi all, 

I’m planning to do a 1031 exchange of a property under my name to another much expensive property that will need rehab. This new property will be also under my name but I’m planning to do a join venture with someone else to help me with the extra remodel costs. The property will still be under my name. Is this possible? 

If so, what would happen if in 5 years I decide to 1031 exchange the property again.

thanks in advance 

Thanks so much Scott. I actually had an ELC against my stocks, but because the prices kept on dropping and min balance required, i had to close it. 

While reading what you're saying, I realized a couple of things as well. The rate is 6.25%, but I would be paying $7k in closing costs, which is about 12 points of the loan I would be getting, and also that the rest of my original loan would be increasing by more than 2 points by doing this.

I don't really like to sell stocks either so that is that. I definitely have to think harder on it. I could always replenish the stocks with the extra cashflow I get every month. 

I have never done a HELOC or a second mortgage, I can definitely take that into consideration

Hey All, 

I purchased a home about a year ago for around $200k, I put close to $90k in fixes and did a historical appraisal that came up to $410k. I borrowed $70k from family and was planning to return it after the refinance, but the bank refinance came back at $330k which is much lower than what I expected. So my options are these. 

Cash-out-refi the property. That would give me about $54k to pay, the loan and I would sell stocks to cover the difference. The problem is that my original loan is at 3.99% and the new one would be at 6.25% (they only allow me to get 60%) So my monthly mortgage would go from $1207 to $1715, that's almost a $500 loss in cashflow. 

My other option would be to not refinance and instead sell stocks. I would sell about half of united healthcare that in reality didn't do bad, so I wouldn't be losing there and losing stocks the other half for tax purposes. 

I know this can be a very "I can't decide for you situation" but I would love to hear what would you do in my position. A couple of notes about myself. I'm a high-income W2 and I expect this house to value for a lot higher in the next couple of years. Thanks in advance.