All Forum Posts by: Kelly McJunkin

Just an update on my original post- Decided to sell the CA property. I was expecting around $835k, and ended up closing escrow this week for $916k. After all commissions and fees- left with $543k profit. Super happy with the outcome.

Now, researching which areas to invest. New Braunfels, TX is a possibility for MF properties (although I would love to find a deal on one in Southern CA)- and considering Big Bear for a STR that my family will also use occasionally throughout the year. Step by step, but looking forward to this.

Thank you for all your help!

@Michael Glist Thank you so much, Michael. That makes sense

@Michael Glist Thank you for the information here. I have a question about the DSCR loan. If you plan to buy the property for a rental, but have not done the rehab to it yet, how can they factor in the appropriate rent payment when approving you? Do they take into consideration the repairs you are planning to make to that property, since the rent would increase dramatically after that, changing your ratio? Thank you!

@Paul Moore Funny you mention that book. I just ordered it yesterday. Thank you!

@Tony Kim My property isn’t by the beach. It’s within driving distance- 10 mins in Rancho Del Rey, Chula Vista.

Will keeping this property (I owe 335k) and taking out the extra equity (value is around 800k+), tie me up as far as being able to finance other investments? 

Thank you!

@Justin Phillips Thanks Justin! From what I know of a HELOC, the interest rate is variable. Isn't that a little daunting for such a large amount being financed over many years? Do you have a set monthly payment? Thank you

@Maxwell Ventura We are relocating because there are a ton of young families and excellent schools in Temecula. I have 2 young kids. We live in East Chula Vista right now, so although it's very close to everything San Diego offers, it's not in the heart of SD. The homes are still affordable out there, and the surrounding areas are growing and have opportunities for investments.

@Todd Rasmussen I was very interested in BRRRR. That was one of my concerns with keeping this home- that it would tie up our money/financing options for other investments. Our home is in East Chula Vista area, so it's south San Diego.

Thank you for your help

@Reba Marabotto Thank you Reba! I may send you a message in the near future as you will be local to me. We are now at the top of the $500k equity we can keep as a married couple, tax free. So, even though more equity would be great, the taxes would give us less at that point. We were considering buying out there, and doing a live-in update to sell in 2 years. But the offers on the homes have been wild! Dozens of offers before they are even listed. So I need to find an off-market home if this will be able to happen. 

@Tyler Hungerford Thank you Tyler. This is the thought process I had, but I was questioning the decision to sell our current home, so this helps me a lot. Our current home is in Rancho Del Rey area of Chula Vista. So it's not coastal, but on a clear day we can see a strip of the ocean at the end of our canyon. I have updated most of the home and it would be very a desirable for any renter/home buyer, as the homes in the area do not have the same aesthetic on the interior that mine does. It could rent for $3,500 or higher /mo. 

I am a new investor, and my priority is to make smart decisions for monthly income flow and for my future. So, even though I do love this home- I will let it go in a second to get on the right path financially in investing.

Any help I can get is wonderful as I'm taking these first steps!