All Forum Posts by: Quinell Dixon

Hello, all, 

I have a property in Salt Lake City that I am wanting to rent out. I am going to be relocating to another state and I want to know how I can understand how to analyze and see how I can rent my property, and I want to buy another property to live in and see if I can afford to do both. Any calculators, software, or anything that can help me do this task?

Much thanks. 

- Q

Hello all,

So I have a $30,000 HELOC (I believe at 8%) and I want to buy another property (SFR) for my family to live in. We currently own a property that we are going to rent out and after expenses and such we should cashflow around $250/mo. We want to use the HELOC as a DP on our next property (that we will live in) and hoping to have enough left to use to buy a camper trailer and rent it out as an AirBNB to offset our mortgage a little but if we could. The hope is that by using that HELOC we can find a home we are willing to live in for the next year or 2, collect income from the trailer as cashflow or a "house hack." We then hope to re-fi the home when rates become better, and hope that the savings in monthly mortgage payments will increase the cashflow from the potential Airbnb. In this market this is the most creative thing I could think of......And before you ask, we do NOT have enough money for a DP on the home. Thoughts?

@Peter this is some good insight. I battle back and forth with these options in my head on a daily. What my hearts truest desire is would be buying a home we could live in for the next 5 years and I think I already visited and found a neighborhood we would LOVE to be in. I would rather keep the family comfortable while we have one finish high school, one finish middle, and the baby (11 months ) have a stable place to call home. We are from San Diego and we move to Salt Lake City to start our business and buy a home (5 year sacrifice) and now that we want to call Austin HOME, we are interested in settling in a spot. We have moved countless times with our kids and quite frankly, its tiring and expensive. I want to get a home where if we need to for appreciation we can, like on the home we are currently in that we are going to rent out when we leave. Investing down the road in other income producing assets (RE) will come, but calming down into a community is the biggest goal at the moment.

Thank you for your insights.

- Q

@Ali you make amazing points on this. There are some things about buying that I dont love like the price of the mortgages. I think we would love to buy and suck it up for a little bit while we hold out for a re-finance. Austin is hard to get multi in a place where its safe and where the school systems are good.

Decisions, decisions.

@Taz Zettergren Thank you my man. We have moved so much that I want a place we can be in for at least 5 years. We will be getting one out in the next 5 so we will have space that way, OR we put an airstream or trailer and rent that out.

That is a great idea. My wife and I are currently in the same situation. Keep in mind that you want to make sure you have enough time in the home to use a good amount of equity to pull from. HELOC is a cheap way to borrow cash at the moment and if you have good credit your monthly payment shouldn't exceed $300/mo in borrowed equity. Good on ya! Good luck!

@Corby Goade Thanks for the insight my man. We want to buy and we know that this market is in a good place for buyers if you can stomach the interest rates that are out there. I know that there should be a correction in rates but homes will go up more and more.

Appreciate that my man.

- Q

@Jackie Nyambura Everett We came and visited and LOVED the area that we were looking in. What area of Austin are you in? Did you buy with the hopes of RE investing or just a family home? Would love to chat more. =)

@Dan H. man, this is powerful analysis. 92% of it went over my head, but I do love that you are so knowledgeable. I wonder, would you be willing to guide me on how I crunch numbers together if I rent my Salt Lake City house and seeing what I can afford to get a house in Austin? I know it is all about numbers and I am so new that computing those numbers are a challenge because I am not sure what to factor in. =)

Thanks Dan!

@Julien Jeannot Thank you so much for that. There is a lot to think about. I am hoping to get a good calculator to tell me what I am doing with my life lol.