All Forum Posts by: Jairo Montezuma

What is the best way to save for the downpayment of a second rental property? is a HELOC on your primary home a good idea?

In my area SFH are much sought after, so MF are a highr risk investment. I recently purchased my first SFH rental and it is cash flowing well. So it depends on the market and also your preference.

Great story! Congratulations! I have never thought of short term rentals due to my highly demanding day job, but it does make sense financially. 

I purchased my own home 5 years ago. It took me 3 years to pay off my credit card, car loans, to be non-mortgage debt free and 1 year to save enough for 1st rental last year. Market was perfect to find a good deal at the end of summer and low interest rate. I search daily for potential purchases to be familiar with the market, and I have set up automatic savings that I do my best to ignore I have that money set aside. 

I own 25% of a land property that was given to me (sold at a very low price for documentation purposes), but I did not pay a dime. This land is now being sold by my family that I will be able to claim 25% of its value. I don't know that the fair market value was at the time of the transfer. What would be the best way to calculate or estimate the FMV to pay IRS for capital gain tax? -- I am aware that 1031 exchange would help to avoid this tax, but I am not interested to keep properties overseas.