All Forum Posts by: Eric Traboulay

I was searching for the same thing today and came across this credit union. It looks like they do it in both of our states.

https://www.signaturefcu.org/Products/Rates/Home-E...

Hope this helps even though its a little late on the post...

• Do you live in California? Yes, So Cal
• Have you lived in California in the past 5 years? Yes
• If so, where? San Diego
• Will you be staying or leaving? Staying
• Why? Been here all my life, even though all of the liberals live here...it's still a great place to call home.
• What is your full time income producing job? Engineer for an Aerospace Company

Sounds fun, let's do it!

Eric

Hi Everyone,

I'm wondering what the best strategy is to build up cash relatively quickly? I have a single family home I have purchased and renovated in San Diego. I will be at the 2yr mark in November of this year which would eliminate any taxes on the capital gain I have. Should I sell for the gain and go into another renovation or is there another method that would help build cash more efficiently?

Thanks!

Eric

Hi Brian,

If you plan to buy a property soon DO NOT LEASE or FINANCE a car right now! It will not only raise your DTI but also may ding your good credit score slightly. You want to maintain your zero debt and good score will applying for home financing. If you need a set of wheels and still want a little bit of luxury, I would recommend buying a nice salvaged vehicle. Just make sure you have a mechanic look at it so you know what the previous damage was and what you may need to fix down the road. Use craigslist, offer up, or autotrader.com. Hope this helps.

Eric

Hi Brandon,

You can write off virtually anything you have paid for related to your real estate ventures. Make sure you signup in your city as a Sole Proprietorship this year if you haven't already. This is the cheapest way to go ~$50 or so. This will allow you to deduct BP Pro expense, lawyer fees, marketing, mileage, home office deductions, office supplies and equipment, licenses and memberships, software, and utilities related to your business. 

If you don't have this business certificate or don't apply for one, then you won't be able to deduct it. Setting up an LLC or S-Corp costs more but offers more safety when you purchase houses/apartments in the future which you will want to look into, but just use a Sole Prop for now if you don't already have one.

Eric