All Forum Posts by: Kyle Spearin

@Robert Ashmore I've also liked working with Capital Fund One!

@Jacob Atchison awesome job!

@Eileen Daughertycongrats!

@Josselyn Jorge this is a good problem to have! It comes down to what you plan on doing with the $50,000 if you sold. 

Purchasing your primary with this money, unless it produces income, will likely cost more at the higher interest rates of today vs what you have as a rate on this property. It would also essentially wipe out $400/month rental income and you'd lose the additional benefits like potential appreciate, tax advantages, etc.

If you planned to buy another rental, that would be a different conversation because there might be upside there.

@Keelin Brown That seems pretty tight. Have you read about the 70% rule? This is what flippers will likely use to evaluate the deal, so keep that in mind as you determine your offer price.

Congrats @Jake Burkons!

@Nicholas Lioi each location has certain strengths and weaknesses. BRRRR is typically easier to employ at lower price points or if you're able to get an insanely good discount on purchasing a property. From what I know about Westchester County in NY, it's quite expensive.

I think you need to determine whether you care more about strategy or location because it sounds like you're trying to fit a square peg in a round hole. Not every area is meant for BRRRR, but there are probably other strategies that work great in those markets. The inverse is also true in many places.

@Patricia C. looks like there's a lot of DSCR suggestions. Would you also be open to house hacking? I'd speak with a lender about this, but they can probably use your rental income towards the next property or at least use it to help with your DTI ratio. Good luck!

@Joseph Nore I run a meetup in South Boston and you're always welcome to join! Although it's not on the North Shore, it could be close to your job.

Either way, would love to connect to talk more about building a team, narrowing your focus. 

@Dan Durusky lots of great advice already in this thread. If I were you, I'd play out a few different scenarios.

1. HELOC. If the house is a primary, consider keeping it and getting a HELOC before moving. That way you can tap into the equity in addition to some cash flow resulting from the low interest payment.

2. 1031 exchange: what would you buy as your next property? You'll want to have this planned out so that you can make the exchange occur on the correct timeline (if you go the 1031 route). 

3. Selling outright: depending on how much profit you've made, this may also be an option (speak with an accountant). This could allow you to put your profit into a few different deals.

4. STR/MTR: Boston metro has tons of hospitals, could you rent to traveling nurses and get more cashflow while keeping the house for potential equity gains in the future?

I think it all comes down to personal preference on this one, but you're in a good situation!