All Forum Posts by: Jonathan S.

@Brett Goldsmith ya that makes sense, thanks!

@Joe Caron Hey Joe, I'd definitely be open to that, any insight as to where I can find investors that might be interested in these situations..... where would you begin in order to make people aware? Im waiting to list publicly on the MLS until after my tenants moved out so I could do some repairs, cleaning, upgrades (nothing major) in order to make it presentable..... but I guess the other option would be to just list it now as is and see what happens.....

@Brett Goldsmith Thanks a lot for the feedback Brett,  I totally agree... thanks for the help and the new connection! 

@Theresa Harris I think you're exactly right.... thanks!

@Shaun Weekes im almost certain they wouldnt qualify

@Theresa Harris I think your're right about dragging their feet.... im going to try to give them a firm move out date, now that the restrictions in LA are being lifted and see what they say. But again, if they are not able to find a place, im back to where i started because i don't think there is anything i can do legally right now...

@Victor Ong no its in the South Bay

No, almost certain they cannot afford to buy...  he was late on the May rent but I didn't charge a late fee hoping he would find something else.... 

Yes negative cash flow at the moment, but its minimal... 

Hi BP!  This is my first post!

I live in Los Angeles and have a rental property 3bd 2 ba SFH that I am trying to sell. The reason I'm selling is the tax benefits.

Purchased for $405K in march 2015, now Z estimate is $690K. I lived in it for 2 of the last 5 years.

Tenants are on a month to month lease, and I notified them on March 3rd and provided the 60-day notice to vacate.

 I discounted the April rent by $750 to assist with moving expenses.

Then Corona Virus Hit... 

My tenant couldn't find a new place in the 60 days, so I gave him another 30 days, making their last day May 31st.

I spoke to my tenant last week and he hasn't found a new place. I even sent him an option that was cheaper right around the corner from their current location that i found on Zillow. He wasn't aware but said he would check out the place. This tells me that my tenant is not proactively looking, or not looking very hard, because the house i sent him had been on Zillow for weeks.

June 1st is approaching and I don't know what I can, or need, or should do given the coronavirus situation in Los Angeles.  

Obviously i want to sell to take advantage of the cap gains tax exclusion.

my rate is 3.25%, i charge 2600 for rent, mortgage is 2600.

Zillow rent estimate is $3000

What can i do in this situation?? SHould i sell and take advantage of cap gains tax? Move back in and cash our refi and then rent out to have cash flow? I am leaning towards selling now, and then watching the market to hopefully score some deals in the future...

Thanks so much for any insights anyone can offer!

-Jon S. 

Your goals and story: What are you trying to accomplish, how are you trying to accomplish it, and what hurdles (if any) have you faced.

I currently am splitting the rent on a 1 bedroom apartment for $900 a month.

I own a 3bd 2 ba SFH in the South Bay Los Angeles area which I rent out.

The rent income covers my mortgage, so its basically a wash and have good tenants that have been there for 1.5 years

I  owe $360k, zillow z estimate is $620K.

i want to do a cash out refi and buy a condo/town home in LA that needs to be fixed up which i would move into. As well as pay off some cc bills, student loans etc. (20k). Also i want to drop my PMI which is for the life of the loan and is approx $250 month.  Later on i would move my parents from their 1 bed apt to a bigger nicer place. Dad had stroke and they had to move from their rental house to an apartment. Causing lots of stress...

Type of property:

Single family home, 

I bought a single family home 3bd 2 bath in Los Angeles in 2015. 1500 square feet. i am renting it out currently. 

Location of property: 

south bay Los angeles

Purpose of financing: 

Cash out refi to pay CC debt and buy another property to move into, or just rent out again. 

Type of financing sought:

Fannie Freddie cash out refi

Current or prior ownership of real estate: 

I own the 1 property mentioned above, which I am currently renting out. I live down the street in a 1 bedroom apt.

Occupancy: 

i would live in the new property, and keep my rental property as is. 

Value of property at present and/or your offer price: 

$620,000

Anticipated or actual appraisal issues: no, yes (what?)

no

Current rents per month: $

2600

Fair market rents per month: $

$2600-3000

Down payment or equity: specify down payment for purchase mortgage, or how much equity you will have in the property afterwards if a refinance.

I owe 365K. Zestimate is 635K. 80% = 143k… I may not want to pull the entire amount out. i would still have 120K equity left.

Source of down payment funds, if applicable: own funds, unsecured borrowed funds (credit cards), secured borrowed funds (HELOC, etc), gifted funds, other (explain)

My own funds. but almost no funds. 

Income Source:

I am a salaried full time employee. Income $80,000 a year, I am a sales executive 3  years at current company

Gross monthly income (optional): 

$7000 approx

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $

Credit cards – 20K, about 700 a month.

Car – 10,000 (200$ a month)

Student Loan = 15k ($300 per month

FICO: 

700

Credit issues: 

1 60 day late 3 years AGO CCARD

Thank you Thank you!!

GPS