All Forum Posts by: Josh Jacobsen

I've owned the house for 15 months. Does section 121 still apply?

My house is worth near $325k. I owe $240k, and could legitimately get $24-2600 per month in rent. My monthly payment is $1753. Also, my work would move from retail to construction.

My house is worth near $325k. I owe $240k, and could legitimately get $24-2600 per month in rent. My monthly payment is $1753.

I've just received a job offer out of state (a return to my roots). I've been advised by my mortgage broker that I would need 2 years in my new job before he would give me a loan to buy in that market. With my current house I have some equity. Would you rather cash out, and sit tight for two years? Or rent to somebody under a two year contract and manage your "rental" from out of state?and then sell?

One time I made this ridiculous goal of riding my bicycle from Seattle to Boston in 30 days. I didn't make it, it took 36 days. You have to shoot for something, so that when plans blow up in your face you are still better off than if you hadn't started at all.

Hi Friends,

First time poster to BP, but I've really enjoyed reading some of the stories, and bits of wisdom others have posted on this site. I'm curious to know which path some of the experienced investors would take in my situation.

I bought my first house 14 months ago just before I turned 27. My mortgage payment is $1753, and I've been able to rent my basement out for $1300 a month since. I am 100% confident that I could get $2500+ if I were to rent the entire house. I recently sat down with my mortgage broker who gave me the go ahead to use up to another $270k to purchase another single family home as a primary residence in my same city.

I haven't seen anything on the market that will either A) allow me to move and keep my current basement renters as roommates, or B) lower my monthly mortgage payment (IE: not spend the entire $270k, but more like $200k.

I do have a steady mix of debt (student loans, baby bills, car - no credit cards) totaling about $13k with interest rates no higher than 6.55%, and a total monthly payment of $625.

Would you, the more experienced real estate investor, rather A) hunt for a house that either costs less or accommodates roommates, or B) use your down payment to get out of debt and save the $625 monthly?

Any and all advice is welcome. Thanks!