All Forum Posts by: Jing Chai

Investment Info:

Large multi-family (5+ units) commercial investment investment in Tyler.

Purchase price: $50,000
Cash invested: $50,000

264 unit apartment, invested as LP.

Investment Info:

Large multi-family (5+ units) commercial investment investment in Houston.

Purchase price: $50,000
Cash invested: $50,000

354 unit apartment, invested as LP.

Investment Info:

Large multi-family (5+ units) commercial investment investment in Houston.

Purchase price: $50,000
Cash invested: $50,000

216 unit apartment, invested as a LP.

@Tim Siocheng,

Sorry I didn't see this until now. I received my K1 on April 1st. As the tax deadline was extended until 5/17, hopefully you had enough time to file your K1!

Thank you everyone for answering my question! I'm 31 years old and after thinking things through, I think I will keep this house in the short term and see if I can get take out some of the equity against it.

I learned that right now there's a lot of uncertainty in the market and it's best to wait for a while before making any major decisions. 

I wanted to take the money and invest in a larger apartment complex out of state. Because I'm planning to move out of California eventually, I don't feel like I need to keep this house and would rather use the money for investing purposes.

@Armand P. This was a deal where I was 2% tenant in common with my parents.

I did, but I still got all my distributions as of July 2020. I was also on every single investor call and got updates to all the properties in the funds.

So back in 2012, my parents gave me the funds to purchase this house for $437k. In 2018 I spent about $427k to do an addition and remodel. All together my purchase price and improvement costs is about $864-870k. 

My property tax is pretty low even with the reassessment after the addition and remodel. It's currently assessed at $623k.

I was fortunately enough to be gifted a house back by my parents and now there is over $1M in equity in the house that's in the SF Bay Area. On Redfin it's about $1.35M and there's $245k of loan on it. 

Because of COVID, I am unemployed at the moment but still have substantial savings where I can make the mortgage payment by doing short term rentals. 

I don't plan to be in California in the long term and wanted to sell this house and use the proceeds to invest out.

If you had a house with $1M in equity, what would you do with that house?

Thanks,