All Forum Posts by: Long Nguyen

@Bob Norton

Thank you Bob. I was thinking the same. It sounded fishy so thats why I decided to ask this question on here for a second opinion. again, Thanks for the input!

@James Dainard

Thanks for the advice. What do you mean by conforming vs non conforming ?

@Dave Foster

Im glad I asked this question because I only lived there for only 1 year so I dont qualify for the 1021 exclusion yet

@Frank Procopio

I wish I have the ability to do both but right now I dont have the capital to do that. I tried applying for another HELOC but was denied due to high debt/income ratio

Hi guys,

Im looking for advise. Im thinking of selling my single family home, which i purchased last year, for a 4 plex. The house was built brandnew last year in a new development. It has 5 rooms; 2 of the rooms are in the mother in law guest suite with its own private entry. Im single with no kids so I rent out all the rooms (4 x $700 for a total of $2800 per month) and i stay in the master room. The mortgage is $3000 per month so im paying very little here, almost living there for free. However, my passion is in multifamily homes so my real estate agent advised me to sell it and get a 4 plex. Id love to keep my current home and buy a 4 plex on top of it but i dont have the capital right now to do that. So Should i sell it? Is this a wise decision? I really dont want to sell as I love the house and the neighborhood. If i sell it i will have to end up living in one of my 4 plexes and rent out the other 3 units.

Also, my real estate agent said I dont qualify for a 1031 exchange because this is a owner occupied house im selling not a rental. However, he said i dont need to do a 1031 exchange cause I dont need to pay taxes because its not a rental. Is this true?

Please advise guys. Im pretty new to this real estate investing game. Thank you in advance for the help

So how much of a depreciation in value are we looking at for multifamily homes if a recession does occur? Does it depend on the area? Just trying to gauge the number so i can factor this into my next purchase as I  am in the process of buying 

@Jeff Zimmerman

Thanks!

@Erin Wicomb

Congrats! Im just starting to get into multifamily. I hope to be like you one day. Good work

Hello everyone. Im new to this forum. Im a local Fresno investor looking to build my team. So far, I got a real estate agent. Im looking for a good tax accountant that specializes in real estate. If you know of any, please introduce me to them. Thank you!

Hi Stephen, I bought my first house back in 2012. Last year, i took equity out from that house as a HELOC and bought my second one. I found out recently that i could take more equity out to invest some more. Im trying to invest in multifamily (duplex or 4-plex). Thats my interest for now. I hope to network and learn more about multifamily investing at the REI meeting.