All Forum Posts by: Joshua Norwood

Spokane Valley is setting very solid appreciation. Same with the north side of spokane.  

@Vaibhav Puranik

We will have enough to get into the next house with money left over for reserves.

Next year my wife and i are going to be buying a duplex to do the ever so popular house hack.  We are currently living in our first home purchase.  We owe about 209k on this house and the mortgage is a little over 1200 a month.  The house is in good shape and shouldn't need any cap ex upgrades for at least 5 years.  I'm stuck on what to do with it though.  We have about 100k in equity.  We could conservatively rent this house out for $1800.  So my one option would be to rent it out.  Start with a 5-10k reserve account and just put all extra cash after mortgage back into that account.  Our market is appreciating quite nicely and I strongly feel that this could be a good long term property.  But on the other hand I'm not sure if i am just emotionally attached to this property.  I could sell it and use what's left after real estate commission to put towards other property investments and use part of it to pay off a private loan i have.  With house hacking and getting rid of this private loan i could easily reduce my monthly expenses by about 1500.  Then i would have more monthly cash savings to put toward more properties. My wife and i are good with money and currently have a pretty high savings rate.  Any insight would be much appreciated.  

@Jake Jones my wife and I are in the process of saving for a duplex to purchase next year. We just refinanced our primary so we can cash flow it when we move out so we have to wait a year. But we also live in the valley and are constantly looking at properties. 280k is a good price out in the valley. Congratulations man. How much did you put down and what kind of interest rate did you get?

Wonderful story. Very inspiring.  Congratulations on getting your money out and having a successful deal!! 40 a month cash flow plus loan pay down is a pretty good return on the 5K you left in the deal!

Wow what an accomplishment! Very inspiring.  What are the rents if you don't mind me asking?

I was wondering how I would go about doing a cash out refi on my personal residence. I currently have about 100k in equity in my house and would like to put some of that to good work. I was hoping I would be able to pull out about 40-50k. Is this a realistic goal? I owe about 200 and it is worth (according to comparable properties in my zip code) about 300k and that is a conservative estimate. Would it be a second loan? Would it just be like getting a whole new loan with a closing and have 1 payment? I'm not 100% sure how all of that works. I'm currently on a 20 year fixed and wouldn't mind stretching it out to 30 to keep my mortgage relatively similar. Any input would be much appreciated. I am in the Spokane Valley market in Washington State. Thank you for your time.

@James Galla we actually had a discussion about this the other day. Making moves today so that our future and our kids future would be better. I asked her to read rich dad poor dad so she can begin to understand.

@Michele Zugschwerdt I'm trying to show her how much More we would be able to save. And ultimately what that would mean for us. She grew up in a paycheck to paycheck kind of lifestyle though so it's been a little difficult to implement saving into her lifestyle.

@John Teachout we would keep our current house too. She's just not sure she's up for it