All Forum Posts by: Kaleb Larsen

Thanks for the advice, Jordy. It sounds like my best option is to stay where I am.

Thanks for the advice, Devin. The PMI is a bummer, for sure. I have been paying a little extra principal every month, but I should ramp that up. To get rid of the PMI, do I need to be at 80% of the original loan amount, or the value of the home? It sounds like my best move is to hold tight and keep paying down my loan.

Thanks for the replies! The condo is located in Millcreek. I think I would be tempted to jump into investing with the money if I ended up getting it. Maybe purchasing a buy and hold investment, but I would also need somewhere to live. Prices in the valley are insane right now. It sounds like a HELOC or cash out refinance is what I should do. I think I will have to wait it out for a while, because don't they only do 75% ish LTV on those? Does it depend on the property? Here are some figures: Purchased a year ago for 135,000 with 3.5% down. The condos are selling around 160,000 with the last one going for 170,000 (you can see why the ROI is a little tempting.

Hi everyone,

I'm pretty new to this site. I've been reading and listening to the podcasts for a while, and I need some advice about my condo. I bought this place a year ago planning to stay here for a few years, but the other condos in my building keep selling for crazy prices. I'm getting mailers from realtors explaining how much money I could make by selling mine. The last one that sold was an identical unit to mine, and it went for 35,000 more than my purchase price a year ago. I don't really want to sell because 1) the market is so hot, it would be hard to find anywhere else to live for a reasonable price, and 2) I was hoping to hang onto this property long term as a rental when I move out.

So my question is: how do I access the value or equity in my home without selling it? Refinance? Can I do that after only a year? Do I just watch the for sale signs go up and get taken down? Any ideas?

Thanks!

Hi everyone, I'm pretty new to this site, and I need some advice about my condo. I bought this place a year ago planning to stay here for a few years, but the other condos in my building keep selling for crazy prices. I'm getting mailers from realtors explaining how much money I could make by selling mine. The last one that sold was an identical unit to mine, and it went for 35,000 more than my purchase price a year ago. I don't really want to sell because 1) the market is so hot, it would be hard to find anywhere else to live for a reasonable price, and 2) I was hoping to hang onto this property long term as a rental when I move out. So my question is: how do I access the value or equity in my home without selling it? Refinance? Can I do that after only a year? Do I just watch the for sale signs go up and get taken down? Any ideas? Thanks!