All Forum Posts by: Khoa Ha

@Michael King

That's great that you can do a 1031 exchange. If the number works for you then that's all the it to it. Good luck.

Khoa

@Eric D.

There is a capital gain tax he will need to worry about also. So saying that he will walk away with $380,000 after all the fees might surprise him when he have to file his tax and hit with the capital gain.

Khoa

@Joe Villeneuve

Yes COR is using your equity as collateral but it is not much different than selling and taking the money out. For COR one does not need o pay any capital gain tax whereas selling will be hit with capital gain tax unless it is replace by another property with a 1031 exchange. With the record low interest rate we still experiencing, in my opinion I think it better to COR. However, the OP said he don't want to take care of it anymore because of high maintenance then selling for him is probably a better choice.

Khoa

@Michael King

Yeah, most of the time it better to own more property than less. You could have cash out refi and get some equity out then to sell the property straight out. Did you have to pay any capital gain tax from the sale? If so cash out refi would have some you on paying the tax as well. I recently cashed out refi and are looking for some investment property. But the inventory is very low and not too many good deal out where I look.

Khoa

@Joe Villeneuve

He can cash out refi to tap into the equity too. The market is still hot right now. And since his property is in Orange County it will probably not losing any value anytime soon. With the shortage in inventory and the vast amount of money in the market for real estate we will not see any major correction in the near future. I know a few people that sold their property a few years ago thinking it was the peak at the time only to see property price sky rocketed 2021. The advantage of cash out refi is that you do not need to pay tax. Selling will require you to pay capital gains.

Disclosure, I'm a real estate broker in Garden Grove

Khoa

@Cathy Song

They didn't have the value per sqft number. But front eh report they did have the cost of new construction but the appraised value end up more than that. I think the land value might be the reason why. It came in as was expected for my property.

@Cathy Song

Hi Cathy, his name is Steven Bendlerwith loan depot. Sorry the forum does not allow me to post his contact here.

They send out their own appraiser. The value came back pretty good for us so I'm not complaining.

Good Luck,

Khoa

@Cathy Song

Hi Cathy, as a matter of fact we have initiated the cash out refinance with Loan Depot and have just completed the appraisal last week. We hope the close it within 2 weeks time from what our loan officer told us.

@Jason Brown

You mean everyone but Zillow.

Thank you Michael. I actually have my broker license so I have access to the tax record and the owner names. I have started using the skip trace program to look up a few names already. 

Thanks,

Khoa