All Forum Posts by: Omeed O.

Hi im an agent that focuses on residential realty in houston tx.   how does an agent comp a building or shopping center for sale.  is there a database that shows recent sales in a given area?

a friend of mine that owns a restaurant mentioned to me once that he bought a house in a neighborhood behind his restaurant to use as storage for his extra supplies.  

In my business we pay around 2700 a month for warehouse storage for our excess inventory. Buying a nearby commercial building would be easily $800k and up, the houses behind me are in the $200s I was wondering if we could do the same? how would that work on paper?  does the business buy the house? do i set up a different company to buy the house and then rent it to the business?  just kicking this idea around.   what do you think?

Why do you prefer refi vs HELOC? How would it effect by DTI ratio in terms of getting approved for another mortgage

Ideally we want a 350k home. I wanted to either cash out refi the rental or HELOC to use as the down payment. And wanted to refi my primary to bring down payments and get it rented out. The house is worth 225, I owe around 165

Located in Houston tx We want to buy a bigger house without selling Current home.

One rental fully paid value is $100k. Rents for 1300 monthly.

Current home has 180k loan 15yr mortgage about 25000 equity.  We made alot of improvements but have not had a new appraisal done.

I was thinking to HELOC the rental and refi my primary to 30 yrs. Not sure how to go about this in order to get another home. What do you think?

My mom's 65 yrs old in a $550k house she bought it 20 yrs ago for around 350k.  Her break even amount is 2000 a month.  She was offered $2500 for 3 yrs.

If she rents it out she'd have to buy or rent a second place to live in.

I told her her to sell it and buy 2 smaller homes, but she's stubborn like that. And doesn't want to sell the house.

What are your thoughts

can I ask you guys another scenario?

my primary has $160k balance on it. Value is about $220. would it be wise or advisable to sell the condo and put the money on my primary. Then HELOC the primary? and rapidly pay off my $40k debt with my income not my HELOC

@Maurice D. most of it is medical, we have plans to knock it out in 2019. i didnt want to refi it into the loan, but he said my dti was too high and advised this route.

@Josh Mitchell thank you.  i dont like to transfer debt among so many accounts. i'd really like to just knock it out.

@Jeremy Williams thank you that very good advise

@Cody L. its a condo not SFH, thats why they told me its higher. I applied to quicken and other but they turned me down

@Scott Rosslow i cant heloc a rental in texas, that's what i wanted to do originally.

@Dan H. thank you for your analysis, i had to read it 4 times because im a little green on this. the interest on the debt is around 3.8%. my tenant has been perfect thats why im not pushing rate increases on him, he never calls me for anything. i think it will increase over time because of location is an A/B area. with new developments all around. i wasn't able to find a bank to HELOC the unit in texas.

 thanks roman, the building itself is old, made in the 60's.  next door are brand new apartments.  their comps for a 1/1 is 1400 with no bills, im at 1300 all bills included..   with 50K i can buy a cheap house but wont have fund to repair. or i can get another condo.

i was thinking of selling,but I talked to some of the owners and theyre hoping a developer will come around soon and buy everyone out.  not sure if that will ever happen or worth holiding the condo for.

 thanks Eddie, i agree the deal is ok. my main concern is whether or not i should do.  ill ask about the 5/1 and 7/1 thanks