All Forum Posts by: Gayle Eisner

additionally, I work mainly out of state, so I rent my house 80% of the time (my unit).  I am very concerned about the economic situation however, to me, it looks like looming Depression on its way...

I own 2 homes in Bay area, should I sell one? One is paid off, near Monterey, a block or so from the beach, a rental , and the other, my residence, in Santa Cruz mountains near Santa Cruz, with a low mortgage.  The house I live in is very old, built in 1931, in the redwoods and close to the San Andreas Fault and in a high fire danger zone, BUT has been a fantastic rental as well as my residence at different times.  I am very concerned with the economic forecast, although homes in my area are selling with multiple offers at present -  Should I keep my home property? or sell? and 1031? for something less expensive in a less risky area?  I house hack and rent the downstairs studio which covers my mortgage payment.  The other home, near monterey, has been rented by the same tenants for the past 4 years and I have just raised the rent, but not by much due to the looming economic depression so as they are happy and want to continue renting.  But, of course, there are always taxes!  Some of my neighbors are selling quickly and I fear I may miss out on a great opportunity to sell at a good price.  Jump ship?, keep?  Thoughts?? Advice??  

Also, I was debating on whether to 1031 exchange it (as it is a rental all year down stairs and I rent upstairs out in the summers, I think I would qualify or just take the homeowner exclusion of $250k?  I am concerned about taxes but the 1031 is a lot of work as I am living out of state currently and don't plan to return until October 2020. I feel I may miss the opportunity to sell when I return so debating whether to sell now, later, or keep the property.  

I am employed and have great credit but I just don't want to go into debt any more to take cash out.  But what do you think?  Thanks!
 

I am pretty upset. I have excellent credit and a job and I just wanted to refi my current home and it has been 3 months! Bank told me it was due to a permit violation on the home! I had the permit taken care of 2 years ago and still they say they are "looking into it". It makes me angry that I just kept waiting, I guess I will try to start over and find a new bank to borrow from. Suggestions?  This home is in San Jose, CA.  I am out of state currently and cannot just go down to the Permit Bldg Dept.

I am pretty upset.  I have excellent credit and a job and I just wanted to refi my current home and it has been 3 months!  Bank told me it was due to a permit violation on the home!  I had the permit taken care of 2 years ago and still they say they are "looking into it".  It makes me angry that I just kept waiting, I guess I will try to start over and find a new bank to borrow from. Suggestions?

I have some experience in the SJ area.  I own 4 rentals. haha maybe we can help each other?  Gayle

I believe CA tax rate is more than 15% , more like 28%.

I have a question as well.....I own a home in the santa cruz mountains, los gatos...I am getting all kinds of solicitations   from people wanting to buy my property. I am living in WY currently.  What is going on with the market?  It seems folks would NOT want to be purchasing right before a major downturn?  Opinions?

So does anyone know for sure if it is a hard hit or soft on their credit? Thanks so much to all who have responded! 

Thank you all! Yes, I will stick with standard procedure. The last applicants that tried this was a couple. I told them I would run their credit reports anyway. So I did & both their credit scores were in the 500s.   I have other applicants that will let me run credit reports—i is a red flag! 

Thank you...that seems like a good idea. I am only renting the home out for three months however (summer) they seem to be in a hurry and  want to pay all three months plus deposit up front.. if so, they can’t afford to have a credit check? They told me it is a hard hit on their credit, is that true? Thanks!