All Forum Posts by: James Newkirk

@Suba Sudhakar

Hello Suba, My name is James Newkirk. And I am a licensed realtor here in California. And I specialize and live locally here in the Sacramento area. I am a member of the David Green team, and we specialize with working with investors like yourself. I will love the opportunity to chat with you sometime, to get a better idea of what you're looking for and how I can help you reach your goals.

@Nhon Choue Vang

Hi Nhon, My name is James Newkirk. And now I'm a license realtor here in the Sacramento area. Additionally I just so happen to work on the David Green team, our team specializes in working with investors like yourself. In fact I would say over 80% of our clientele is investors. I would love the opportunity to chat with you sometime, to talk more about what your goals and anyways that I may be able to help you achieve them.

Hello, everyone.  My names is James, I am active duty AF, I am an active agent, and I hope to get into the investor space while stationed here at Langley.  Do you all know the next time you will be getting together for an event, I would love to attend?

@T B Williams before I added a new post I wanted to make sure that I read all the existing. I will also be coming to the Hampton area next month, I too have an agent that told me the same thing that the area is pretty much immune to any market correction and that it is going stronger ever. Is it possible to connect with you, to further discuss?

@T B Williams

Interesting, thank you so much for the info @Greg M. At this point I'm going to have to see how much that 7% cuts into my cash flow, and go from there.

Hello Everyone,

I am an active duty member who just go re-assigned from California to Virginia.  I am trying to rent out my current residence in CA before I leave.  I was just informed by my property manager about a CA Franchise Tax Board law that withholds 7% of your monthly rent for all out of state owners.  I have been researching to see if there are any exemptions possibly under the service member civil relief act, would anyone happen to know if I would be exempt from this tax due to my military status or not?  Thank you in advance for your help!

Thanks for all the advice everyone, it seems option 5 is pretty much unanimous. It makes tons of since and pulling out the cash does give me more reserves and keeps me off the bench in terms of finding more properties immediately once I get to VA.

I am a military member being re-assigned from California to Virginia. My current home was built in 2006, I have lived here for 3 years now and have not had to replace a thing maintenance wise. My house here in CA is currently appreciating at a rate of $2-4K each month give or take, so if possible I would like to keep this asset for long term appreciation as this would be my first rental as a buy and hold investor. I have come up with 4 options moving forward, any and all inputs are appreciated. Essentially, what I would be doing is a BRRR (minus the R for rehab) because the rapid appreciation has given me built in equity. Quick break out of the numbers are below.

Current Interest rate: 3.25% with Wells Fargo fixed (27 years left)

My loan balance: $336K

Home Value: $437K

Current monthly payment: $2K (would rent for $2,200)

Option 1: Sale the house outright, after paying taxes and closing cost I could profit about $70K.

Option 2: Rent out as is without refi and probably break even if not come out the pocket here and there to cover maintenance issues as they arise.

Option 3: Refinance with a military Credit Union at 3.0% fixed for 30 years interest rate (already approved). Leave 100% of the equity ($101K) in the house and refinance, this will bring my new balance to $356K after absorbing the VA funding fee and paying taxes and closing cost again. This drops my monthly mortgage to $1502. So after insurance and property management fees (roughly $200), I could cash flow roughly $500 a month if all goes well with no maintenance issues.

Option 4: Same first step as option 3, but instead of leaving in 100% of the equity. I can pull out $30K (roughly 30% of the equity) for a down payment on my next property purchase in Virginia leaving 70% equity in my home and refinancing at a new mortgage balance of $387,960. Additionally, it reduces my monthly mortgage down to $1636. After insurance and property management fees, I would have roughly $350 each month left in cash flow.

Will do, thanks Tyler for that advise!