All Forum Posts by: Matt Chavez

Has anyone done a subject to on a USDA loan? I have a property in Washington state that I am working on and the loan is a USDA loan. Wondering if anyone has had any problems doing a subject to on this type of loan.

3 bed 2 bath.

ARV - $315k

Amount left on the loan is around 230k. I’m waiting to get the statement and actual pay off amount.

Rent in the area is around $1700.

Payment is $1620.

Not sure on what the total amount due is to bring the mortgage current. The seller claims its approximately $15k.

Seller is only asking for $1k.

I’m just looking for some advice.

I appreciate any help.

I've been calling some hard money lenders and 12% & 2-4 points seems to be normal.

If I sell my house in Central California I would net 22-25k on a low. On a high I could net up to 35k. I want to buy a multi family somewhere I would have positive cash flow right away. (Like everyone else wants too) Any advice out there for someone in my situation looking to invest? I live in Washington state but I am interested in the Midwest.

Is anyone going to the meet up on 11/27? This will be the first REI I’ll be attending. Pretty excited to see what is talked about there & looking forward to meeting new people.

“If you’re starting a business and you take out a loan, you’re a moron.” - Mark Cuban

Any advice on the type of professional I️ could go and talk to in person about this situation? When we sell I’ll need someone to help me out with this process. Thanks in advance.

I️ bought the house in December 2015. We lived in it for a little over a year then we moved due to work and that point we put it up for rent.

Question. If I️ sell my home do I️ have to pay capital gains? Can I️ use the money to pay off some cc debt? Do I️ have to roll the proceeds from the sale into another property to avoid paying taxes? I’ve never sold a house before so I️ don’t know what happens when you sell. Thanks, MC

I appreciate everyone’s advice. I also have a friend who has an Airbnb in 3 Rivers on the river. He does super well. Unfortunately after looking into the numbers I would have to be booked at least 20 days per month at $100 per night to break even. It looks like I may just have to continue to rent it out, refinance or sell. The good news is I have equity. Thanks again for all of the feedback. I really appreciate it.

Alright, I just got done listening to podcast 229 with Zeona McIntyre. Dude my mind is blown as to what she’s doing with Airbnb. So here’s my situation, I live in Washington state and I have a house in the small town of Lindsay California. It’s a small farming town. This house is a 3bd 2bth and it sits on an acre of land just outside of town. Very quiet and very peaceful and very country. My renters are moving out in a week. And I’m on the fence of whether I should rent the house out again, sell it or Airbnb it. I have some equity in the house and the house does not cash flow. The house is an hour from the Sequoia National Forest, 3hrs from Yosemite, 3hrs from the coast. There’s a 9 hole golf coarse less than 1 mile away. I have family close to the property & they have an Airbnb and do fairly well with just a room in a mobile home. My entire goal is obviously to have the property cash flow. So I’m really here looking for any thoughts and/or advice. Thanks, MC