All Forum Posts by: Jennifer Gardner

thanks for you reply @Peter Mckernan. So would you cash out like half 250k or more?

@Brendan Miller I am super interested in something you said here and inspired in general by your response. Thank you! You said you sold just under the 5 year mark and "could use capital gains exclusion if we sold." What is this loophole? I did the 1031x with my previous property to get this one in 2017 so it will be under 5 years when I sell as well (looking at 2022). You have inspired me to get a SGH in Santa Barbara AND build an ADU in my backyard in Berkeley but I don't know how you came up with the $1.5-1.8M range and I am intimidated by such large figures as I've never taken out a mortgage for more than 300k. Thanks again for your help!

thanks Taylor! I am definitely thinking about cashing in on the property and turning it into two incomes instead of one. I'm very familiar and comfortable with CA markets but they are so high I know I'm missing out. Then again, rents are high too. And down the road, I am looking to have a flexible short-term rental/income that doubles up as a vacation property as well. But it's great to hear your perspective and tips, thank you! 

Hello.

I own a condo in Long Beach, CA, free and clear, that is worth around 500k. I have good tenants in it who pay rent of $2290/mo. I've been getting antsy to reinvest but don't have the savings to do it. What would you do? Would you refinance this property with cashout and use the cash as a downpayment for a SFH that would increase in value more than a condo? Would you sell the condo and use the full 500k as a downpayment on an SFH? My markets are very expensive: Southern California, Long Beach and Santa Barbara areas in particular. I would love to get a duplex to rent long term in one and short-term the other. I could transfer my tenants into the new place, or not (my markets are highly rentable). WWYD??

Thanks in advance.

great to hear that there is momentum in this group! Keep me posted if you do a virtual meetup sometime and I'll be sure to join. And I come down there a couple times a year so will keep an eye on dates to hopefully meet at some point! Take care all :) 

I'm interested but live in the Bay Area so would appreciate some virtual opportunities too. Thanks for initiating. I am looking to invest in a duplex in SB county or SFH with ADU.

@April Vogt, very helpful to hear your experience, especially with your breadth of experience. Thanks for taking the time to share :) 

@Dustin Allen thanks for the info. I suppose a SFH with a rentable in-law or ADU would be subject to the same rules of short-term rental but that is something I'm thinking about even over the duplex idea. Lots of research to be done with regard to every possible area around the lake!

@Bonnie Low thanks for the pitfall heads up, those are definitely things to consider and NV might just be smarter for diversification anyway.

@Jimmy Woodard thanks so much, I will likely be in touch!