All Forum Posts by: Account Closed

Here is my situation:

Bought a house in 2012 for 230,000 put down 20% and owe around 177,000.
The area has appreciated greatly and the house is currently worth 350,000.

We currently use this house as a rental property and also own another rental property and a primary residence.

Can you give me some advice on using the equity in my rental to buy more rentals. Is that a smart decision?

If I do refi, are there certain terms I should be looking for to get the best deal.

I really appreciate your input.

Gerry

I just got an insurance quote of $2400/year on my property that I will be using for Short Term Vacation Rental.  I am in California. Does this sound like a fair price? My regular home insurance policy on this property is around $900/year.

House is currently worth 350k-375k
Mortgage- 170k

Thanks for your help.

Interest rate: 5%

taxes: $1100

I will be managing it myself.

There are so many great minds in this community so I wanted to run this deal by you guys to see what you thought. I am leaning toward buy and hold. I own a vacation rental home 1 mile away and it does very well. I will try to vacation rental this unit.

However, does this pencil for a flip or buy and hold better.

Condo
purchase price: 90K
repairs:10-15K

ARV-120K

900sf

2br 1ba

Fair condition needs to be updated. i.e. flooring, bathroom and kitchen.
Good neighborhood in Palm Desert, Ca

Rent: 1000/month.
HOA fee- 240/month

FINANCING: owner will take 25k down and carry the rest.

Please let me know if you need any more information from me.