All Forum Posts by: Rachel M.

Linda Weygant wow, thank you so much for the thoughtful response. I will look further in to both options. I appreciate your help.

Would you sell stocks for a down payment or use home equity to finance an investment property? Background: I purchased my home for $325k. Put $185k down. Comps in my neighborhood are selling for around $430k at this time. I want to purchase an investment property in my area (central coast of Ca. Paso Robles/ Atascadero/ San Luis Obispo). The median home price here is $530k (San Luis Obispo). Because my income is not very high and the housing prices are high, I won't qualify for very much. I do have quite a bit in blue chip stocks but not much in savings. Ideally, I want to purchase a larger home that I can move in to and rent out a granny unit (either air bnb or LTR) and keep my current home to rent as a LTR. Realistically, I'm thinking I will have to sell my current home to purchase the bigger home, unless I come up w a large enough down payment to put toward the bigger home. So, w that information, what the heck should I do?

This is great information. I've had a great interest in Salt Lake valley real estate for quite a while. Definitely following this post.

Thanks for the insight. I looked on air bnb and vrbo and seems like most of the units are rented pretty consistently. A few off months during late summer. I see that the HOA is high but it does include utilities and pool use and a few other amenities. Is $400 high for condos? I guess we would have to factor in property management fees as well.

Hi, I'm looking for advice on vacation rental properties in Kissimmee, Fl, specifically at Regal Oaks resort/condos. If any one has experience with owning in that area or that complex, I would love to hear your experience.

The unit we are looking at was sold for $230k in 2014 and is now listed for $179k. Not sure why it would drop that much so quickly. I live in California so I'm not familiar with the Orlando area markets. Would love some feedback. Thanks. 

Hi, I'm looking for advice on vacation rental properties in Kissimmee, Fl, specifically at Regal Oaks resort/condos. If any one has experience with owning in that area or in that complex, I would love to hear your experience. The unit we are looking at was originally sold for $230k in 2014 now on the market for $179k. Not sure why it would drop that much so fast. I live in California so I'm not familiar w the Orlando area markets. Would love some feedback.

Wow! Thank you all so much for the information. I agree with you @Dylan Vargas, I do need to visit the area before jumping in to something. I love the idea of looking at some of the outlying areas. This is all great advice and I will be looking in to all of it. @Jason Carter, my partner is planning on using United Properties for management so I'm happy to hear they come highly recommended. 

After researching this deal a little more and plugging the numbers in to the BP calculator, I think I will be passing on this property. I will continue to keep my eyes on Grand Rapids for other potential opportunities and appreciate all the advice you all have provided. 

Thank you all for the information. This deal sounds promising, as many of you have pointed out, GR is a booming market. I'm still researching the area and comp properties in the neighborhood. The house is in North West GR in Kent County (for those of you who asked). 

@Dan Johnson Thank you so much for your response. I appreciate the information. I will definitely be looking in to taxes and maintenance fees. Do you think this is a good investment to "get my feet wet" and learn the investing side of real estate? I'm nervous about an out of state rental and the small income potential on this house. I'm thinking it's best to start small and work my way up to bigger investments but I also don't want to lose money on my first investment (obviously, goes without saying). Again, thank you so much for the information you provided above. I really appreciate it. 

I'm considering partnering with an investor on an out of state rental, single family home in Grand Rapids, Michigan. This will be my first investment property. I currently own my own house in California and have approx $120k in equity on my current home (just some background info). 

Here's the specs for the Michigan home: (everything will be equally split down the middle)-

Price of house: $150k.

Down payment: 20% down= 30k (15k each).

Possible rent: $1400-$1600

Property management fee: $150 per month. 

If my math is correct, after splitting the monthly rent income,  I would only be making approx $200-$300 per month max. 

Would appreciate your feedback on this investment. Is it worth it? Will this make it more difficult to get another loan in the future because it's adding more debt and not returning much income. 

Would I need to talk to a lender in Mi or can I talk to someone in Ca? 

Thanks in advance for your insight.