All Forum Posts by: Lisa Maturo

First off, I'm not a savvy investor, (forgive my ignorance) I have been trying to learn the ins and outs past couple years by reading on here and listening to podcasts. I own 3 properties, one of which is a paid off 1430sq ft SFH and has been a good income producing rental (rented out for past decade).

I own and live in a larger 2400sq ft 4/2.5 SFH and owe about $246k mortgage/(have 58 k on HELOC). I would like to downsize but I don't want to buy in this market, and I'm not sure I can qualify for a bank loan right now due to my business (main job) taking a hit past year from Covid and year prior from a messy traumatic divorce (long story). In any case, I have not been able to qualify for loans to do cash out refi or mortgage to buy a new smaller home for myself. I've considered moving back to my rental house (smaller, would work) but I'm not super crazy about the house (bad memories) and ideally, want to start fresh with a different new to me smaller place.

I also own a commercial property office space (1800 sf office) condo. I owe about 102k on that office condo and have a 10 year loan at about 4%, $1000 a month payment. The commercial property recently appraised at 300k. The property taxes there are high ($4000 a year, HOA is about $3000). I'm considering selling that as well, because I could rent a smaller space and have less overhead for my job (own my own biz). I tried to do a cash out refi on that but my application was declined by the bank due to reasons mentioned before.

Here are the scenarios...

Rent out my current home, move back to the paid off rental (smaller, would help me save $$, less expensive to maintain). My current home really needs at least 20k (maybe 30) of remodel and repairs to be in good shape to sell for top dollar or be ready for renters to pay at least $2500-3000 a month rent. 

Sell my current home, move back to paid off rental, stash the cash until home prices come down again and buy something else later. 

Sell my rental, take huge capital gains hit and recapture of depreciation (been a rental since 2011). (bought it for 159k, it should sell for around 350k or more) and stack the cash for later when the bubble bursts and be ready to buy something else then. 

I'm putting a lot of pressure on myself to sell something now, as I'm worried that the bubble will burst and I'll kick myself later. But my main goal is to maximize my investments here and since I'm 55, have a good return to help me in retirement.  And I'm worried that my office condo (commercial) will lose value in the next few years.

So....(sorry, I know this is long and convoluted!) what am I not seeing as possibilities in this picture?  Ultimately, I want to make the best money moves WITHOUT emotions clouding my decisions.  I feel like there are so many options it's dizzying. And I realize I'm fortunate to have these options, as I know many others are struggling in bigger ways, but I'm really not sure what the best money move is here. If you made it this far....THANK YOU for reading and for your thoughts. :-)

I own a rental 3br 2ba rental income home in Tempe AZ and I'm

considering scenarios after my renter just gave 30 days notice.

Can I do a 1031 exchange on a rental? Also, do I have to live there for two years

in order to avoid capital gains? Considering a move back into it to fix

it up and then sell for more $$ in couple years.

It's been a while  since I've looked into these scenarios (I own 3 properties that I just

buy and hold/rent out) as I'm not that active of an RE investor. Trying

to avoid capital gains and do what makes most financial sense. I could

re-rent it of course, also thought about doing Airbnb for Spring

Training and snowbird season. So many options my head is spinning.

Anyone know of a good RE Tax accountant, RE agent or RE attorney I could talk to

for running these different numbers and scenarios?  I don't want to be talked into

selling by an eager RE agent looking for commission, so I'm hesitant to look for advice from agents

I am worried they might be biased toward selling. Thanks for the help!!!

Thank you everyone for the suggestions!!!!  So grateful.   I knew I was being taken advantage of by Goettl. Don't recommend them!

Hi Everyone!   I'm in a pickle and need to replace not one but TWO HVAC units. Goettl is quoting me close to 30k.  I know they are known as a reputable company, but I want to get a couple more quotes. Can anyone recommend a good, reliable,  honest and reasonable HVAC company?  I know it's going to be expensive, no way around that, but just want to get the best deal possible.

Thank you!

@David Honeycutt and others in Phoenix, I'm happy to connect and chat anytime!  

I'm a buyer looking for deals in central Phoenix and east valley. Buy and hold rentals or fix and flip, prefer under 175k. I have two rental properties purchased several years ago, looking to expand my portfolio and get more serious now about REI.

I've gone to a few meetups in the area but so far haven't really found one I like. Trying to give AZREIA a try now.  

Lisa

@Alan Grobmeier ha, I'm starting to get the picture.  These are definitely the finer points you don't learn in books or podcasts.

So now I wonder who Wholesalers are primarily selling to (who is their typical buyer) if most savvy investors don't find their deals from Wholesalers?  Regular people just looking for a good deal for a house to live in ? Inexperienced investors who may not know they're paying too much?  Hmm.

Thanks for your feedback @Alan Grobmeier ,  I am liking that idea of stacking ca$h!

@Bevla Reeves I appreciate your help while I learn and look, thank you for your assistance. 

I also want to mention that despite my frustration of many meetups being sales funnels for other programs/REI education (mostly I just disliked the not knowing prior to attending) I don't mean to poo poo on mentors and education programs. In fact, I recently bought one through Clever Investor which is in my area (Your First Flip) and I gotta say, it is excellent so far with a lot of detailed information, usable forms, etc, so I'm impressed and feel it has been worth the investment. It wasn't very expensive either. I am not an affiliate or anything, just sharing my personal experience. I am not sure that I feel the need for a closer mentor relationship, as I feel pretty confident in just going out and doing it (already have a couple buy and hold rentals), just new to Fix and Flips and how wholesalers around town work with investors.

I dove into learning all I could about REI after discovering Bigger Pockets several months ago, been devouring information. One of the messages I get a lot from podcasts, seminars and books is this idea of taking action. Get off the sidelines and pull the trigger, don't get caught in analysis paralysis. I get that, but I gotta say, I'm beginning to feel that there is nothing wrong with waiting to pounce either, and lying in wait for the right deal. Unless I find a really great deal, I'll just continue to watch and wait. Maybe a downturn will hit and then I'll pounce. For a while there I was feeling the pressure to make a move, take action, pull the trigger, find my first deal...because that is what I kept hearing and reading. Now....I'm in a mode of deep breaths, keep learning, lie in wait to pounce. I would caution new investors to resist the push messages out there to make your first deal....there is nothing wrong with taking your time, learning the gig and waiting for the right deal.

@Jay Hinrichs thanks for the feedback,  I've been eyeing auctions online and in person as well, attended one at the courthouse recently just to get a feel for how it works.  Tried to purchase one on auction.com and found that experience confusing and crazy but learned a lot about how those work. Didn't realize that auction.com staff actually bids up on it to encourage bidding wars and pushing the price up closer to the reserve. Now I know.  Looks like a lot of opportunities though if patience is your best friend.