All Forum Posts by: Esteban Diaz

Hey Connor the way I look at it is depending on what your plan is with the property, if you plan to keep it for the long term and the numbers work (Cash flow, equity, Appreciation etc) then negotiate a price you are comfortable with and go for it. Keep in mind the foundation is not the only issue, when there is foundation issues there is usually other internal issues that go along with it, (wall separation, Possible broken pipes, floors etc) so give yourself plenty of wiggle room for repairs. If you don’t plan to hold the property for a very long it’s not worth the hassle. it will make your resell harder because you will have to disclose that you did foundation repairs to the property on the sellers disclosure. hope this helps best of luck!

Looking for advice on where to pull out equity.

Currently I have about $100k Equity in my primary residence I have rented out to family. I refinanced 5 months ago but unfortunately I did not pull any money out. (This was before I got connected with bigger pockets and started Learning investing strategies) 

I also recently purchased a residential lot next to my residence that is paid off. I have not got it appraised but if I had to guess I’d say it’s worth at least $150k with the cost of land in Salt Lake City being so high.

I would like to put a rental Detached.ADU there but I am unsure of where to pull money from.

Since borrowing money is so cheap right now is it worth refinancing again and pulling out cash? Or would it be best to get the land appraised and get a land equity loan? Thanks in advance.

Would love to get connected with real estate investors in Utah to help each other grow!!

Purchased my first home 1.5yrs ago in Utah. It has acquired quite a bit of equity (approximately $140k) currently have it rented out to family and would like to take out a heloc on it to purchase another property but I’m unsure of how to do so since my current income and Debt to income ratio with this mortgage isn’t enough to support another mortgage according to lenders. How do I go about getting a second mortgage to purchase another property with this property under my name? Put it under an llc? Thanks in advance!