All Forum Posts by: Larry Leisure

Thanks for the replies 

one other thing: if I rent my primary residence through AirBnb / VRBO maybe 90 days outta the year, would it now fall under an investment or rental property for capital gains purposes if I do sell it? It’s still my primary residence 

Some background on me and my current financial situation:

Located in Southern California (Beach City)
Just turned 48 years old. Never married no kids.
Own 2 properties free and clear: Primary residence valued at $1.25 million; since Covid I’ve rented it a total of about 90 days for extra cash (14k).

2nd home(condo) and rented out through AirBnB since 2014 is worth $600-650k. Consistently grossed $55k-60k every year until Covid. 

FICO at 780-800.

Have about $7K cash in the bank and another $100K in assets (cars and motorcycles paid). About $2K in stocks w eTrade since 2008. 

Truck loan at $29K

8K in CC debt that was just moved to a 0% interest free card for 18 months.

Yearly property taxes at $14K. Condo HOA $490/ month.

My basic financial picture right there. I live off of my rental, and a few side gigs selling vehicles etc. Not living on the high horse.

Don’t qualify for a cash out refi even since my AGI isn’t there. 

Thinking about selling the condo (bought it in 2011 for $265k/ now at $600-650k). Prolly not smart since I’m getting 50-60k a year from it.

Obviously, some major tax implications w selling a rental property. Anyway to defer/ avoid that?

Not looking to stay in Cali much longer. Hate living AirBnB check -check, and would love to have some cash in hand to improve my primary residence ($30-50k).

Basically house rich cash poor. Great FICO and disciplined.

what would you do in my shoes? I spend quite a bit of time in Mexico and have a house there (rented for $500/month) would go for $2500 in CA.

Not a great financial planner... looking for options of what to do.

Thanks!

Agreed. For the record, I bought the two properties cash: one in 2011 (my investment/ rental property), and my main home when we sold our company in 2014. At the time I thought that was the best place to put my money, and live off of the rental income.

Unfortunately, due to my income, I do not qualify for a traditional full doc loan, even tho I have reserves and 790 FICO’s across the board. Had a Non QM 1st mortgage at 4.99% in process on my rental in process that was approved, but due to COVID -19, all investors stopped buying/ doing them, and the loan fell through two weeks ago. Wondering if gross income of $60,000 a year and 24 months of bank statements would qualify me for anything out there....

Again, no real debt ($5000 CC interest free for 14 more months), and a car payment.

Thanks for the advice... I’ve gotten financially smarter over the years.

I own two properties free and clear: 

a Primary residence appraised at 1.5 million, and a rental property valued at $535K. Both are free and clear.

My rental property brings in $60K gross every year through AirBnB.

I have perfect credit, very little debt, but due to COVID, lenders have stopped Non QM lending. Looking to pull $150K out of my investment property w bank statements.

anyone have any advice? Funds would be used for home improvement and pay of a $30 Auto Loan.