All Forum Posts by: Lee Nguyen

@Alexander Zurn

Thanks for you reply.

A & B) Conservative profits would 60k for fast sale. Might be able to get upwards to 75k. I'm still trying to understand the whole capital gains tax. Since I've owned for more than 2 years and lived in it for at least 2 years, where does capital gains tax fall under? I know it's not the 25% but I doubt the government is going let me get away with all that profit.

C. When you say cash out down payment, are you saying to use the HELOC as a down payment for another property? Or something else entirely?

D. I really thought about this but because I pay an HOA, I wouldn't be able to cash out much and still be profitable. Also I would have to cancel my HELOC, which in my head, is more valuable than a one time cash out. Please correct me if I have the wrong mindset.

Hey BP,

I wanted to reach out to everyone and ask a question that I've been trying to answer for the past year.

I currently own a condo that I've renovated and now has about 60k-70k worth of equity. It's currently rented out and making a nice profit. It's on a VA home loan.

I also own a duplex that I'm about to fully rent out. I live in one side and is also on a VA. These are my only two properties for right now

I'm curious what to do with my condo. I have a 30k HELOC on the condo but have no balance right now on it. I've owned condo since 2014.

I could:

A. Sell it. Lose rental income and HELOC, gain the profit, reinstate VA entitlement move on to either:

 1.) Another rental property or

2.)Maybe a single family home to flip later/BRRRR?

B. 1031 exchange in tandem with A

C. Keep it rented, use HELOC to sort of use to invest in other things

D. Trying to figure out what other options to have.

I feel like my vision is a bit short sighted and I'm having a hard time thinking big picture. I'm not asking what to do. I'm more asking what's everyone's personal experience when up against this kind of decision making and what other options that I'm not aware of as well as things I haven't considered.  

Thanks!

Thanks for the nice words everyone. 

@Mike Reynolds

It includes refacing the cabinets, hardware for the cabinets, paint, materials for backsplash(countertop and tile), the subway tile backsplash that will be installed later on, the sink, the materials for the countertops and finish, the lumber, and misc materials. Doesn't include appliances

The countertop is made of white maple. Biscuit? I'll check it out. Thanks for the tip. 

Hey Everyone,

 I was recently hired on to renovate a friend's kitchen. Their vision was to have a farmhouse/french country like kitchen in their new home and value of course. Once everything was figured out, I built this butcher's block countertop and installed the farmhouse apron sink. The stain is called Early American and the edging is beveled.

I didn't go the traditional glue route because I don't have the necessary equipment. Instead, I pocket jigged the boards together using the Kreg Pocket Jig and still added glue in between to fill in the spaces and gaps.

The biggest challenge for me was the miter joints and trying to figure out the minimum lengths of the rows for a miter cut. Long story short, I had to use a graphing calculator.

This entire kitchen is about 2700 without appliances. 

@Angelica Osusky , 

That's what we're all here for.  Don't be afraid to post even the little stuff when it comes to real estate. Never know who could use that information.

 I should probably be taking my own advice on that tip. Awkward. 

Good luck!

Phenomenal work. You have a great eye from interior design and improving value. Definitely Keep pushing forward. I had a similar circumstance here in Washington state.

I bought a condo at 23 with about the same value.

Appraised at 75k

Bought at 66.5k

Rough rehab cost 20k ( I didn't do a very good job keeping track of my cost and receipts because I was dumb)

Newly Appraised at 120k.

Considered selling but just took out a HELOC and rented it out for 1260. Almost got away with 1350.

Rehab was done over the course of 2 years because I was in and out of deployments as well as living in it. Trust me, not fun.

Just some words of advice, advice that I'm still having trouble accepting. Don't worry about going faster when it comes to real estate. As long as you're moving forward...Just don't stop. 

@Ryland Taniguchi

Thanks for explaining that. 

It's quite the strategy. Washington has been difficult to work with but the area I'm working in seems incredibly promising. 

I'm trying my best to take advantage of VA loans since I'm active duty but want to get some investors involved to move a little faster and more efficiently.

@Ryland Taniguchi

What's the strategy for getting the title on a property as an entity? 

Buy the property as one person and then transfer the title over? 

I'm running into trouble on figuring how to use private capital to buy property. 

@Drew Wie

Oh  I didn't make that very clear. The place I'm concerned about is a condo and the condo will be rented out.

I only mentioned the duplex because I hope to be living off the tenants off the other side so that I can meet the payments of 2k.