All Forum Posts by: Kelly McJunkin

@Kevin Purvis Thank you so much Kevin. If we took all that equity out on top of the existing loan for our home, then rented it out, would that tie us up as far as getting financing for other properties? 

@Dan H. Thank you for all of this great information. 

We have lived in our home for about 8 years, so the owner occupancy wouldn't be an issue. I will calculate the50% rule and see where we land. Thank you!

I have been reading as much as I can to make this decision, and still feeling unsure. If anyone has the time and expertise, I would greatly appreciate some advice.

We are relocating from South San Diego to Temecula this Summer (about an hour north). My original plan was to sell our 4bd/3bth home, rent something in Temecula for a while, and invest a chunk of our equity into real estate investments. Leaning towards- Multi-family and BRRRR.

*Currently owe 335k - Able to sell for around 835k. Which would give around 500k in equity to use. 

My question is-  Is it the best idea to SELL and use equity for multiple investments? Or would it be a mistake. Should we try to keep this property, rent it out, and refinance it to take equity out for investments? 

It would provide a positive monthly cash flow if we rented it out. Maybe not too much though after refinancing and grabbing equity out. (and is the market going to take a nose dive soon because of all this crazy inflation? This makes me worried to keep the home as well)

Bottom line, Is it a mistake to let go of a So Cal SFR when we only owe 335, or should I run with the cash and start my investing elsewhere....? I feel like I need some guidance at this point. And I really hope this all made sense.

TIA!

@Zach Lemaster This sounds very interesting to me. I see the break down of costs in the listings. Do these turn key homes already have management companies provided that are included in this? Thank you

@Craig Bliss Thank you for reminding me to do that, I just found a couple and joined. So I will be active in those to find a good crowd in Temecula.

Haha this post made me laugh. Congrats!!

@Craig Bliss Thank you so much. 

It would be so wonderful to find someone in my area (heading to Temecula in a few months), that I could go in on an investment with and also learn the process from. Any investors in Southern CA? I am ready to invest and learn!

@Owen Schwaegerle I grew up in SLO, and my parents still liver there. Best place to live! House hacking may not be the best option for me, as I have a family. Two young kids. But, I wish I would have done this when I was younger. It's genius

@Johnny Wolff Thank you for your feedback! We did consider a live-in flip.. but I tend to like to work quickly and I wouldn't want to live in construction ( I have 2 kids). I have experience with rehabs, as well as managing contractors from my own home projects, and watching my father who owns a small construction company in central CA. I do want a business, maybe not forever but I would like to put the work in now, to set me up for less work later on. I just want to start off on the right foot. If that makes sense

@Bill Goodland I love this advice, and have been leaning toward this! Any advice on how long to keep a property after rehab and renting it out, before selling? or is that solely based off the current market.