All Forum Posts by: Cuong Thai

@Craig Jones 

Good afternoon,

Thanks for following up with my questions.  I will definitely think about it.

Best wishes,

Cuong T.

@Craig Jones 

Good morning Craig,

It is your first post, and you used it to answer my question.  Thank YOU, Sir!  Just like others who answered my questions here, your answer further explained and helped me understand the logical aspect of real estate investing.  I don't have any background knowledge on real estate investing at all.  I just got into this business because my neighbor sold her house to me.  Wow, there are so much to learn here.  I will certainly give you a call to chat with you.

When do I need to fill out the 1031 Exchange?

Are there any books or websites that I could use to further my knowledge on this type of business?  I read as much as I can in this website whenever I have my free time.

I have two cousins living in Oregon as well.  They said it is really beautiful up there.  They live in Portland, OR.  We drove by it when we went to Vancouver, Canada for our vacation 6 years ago.

Again, Thank YOU!   

Cuong T.

@Bill Exeter 

Good morning Bill,

Thanks for taking your busy time to answer my questions.  There are so much to learn.  I am new to this type of business when my neighbor offered me her home.  Since she had a bigger home than mine, I moved my family to what is our primary residence and converted mine into a rental property.  I didn't know what else involved with this type of business until I asked questions and you kindly explained them to me.

Are there any books or trusted websites that I can read to further broaden my knowledge in this business?

May I follow you here in this website?  

Have a great day and Thank YOU,

Cuong T.

@Mick Harvey 

Good evening Mick,

Thanks for dropping me your advise.   Based on what you said, when I am ready to buy another property, I should sell this house and use the money to pay for another property (of course with 1031 exchange ready).  Can I use this future property as my primary residence and convert my currently residence into a rental property?  Since I really want to down grade to a single story home.

Again, thank YOU!

Cuong T.

@Bill Exeter 

Good evening Bill,

Thanks for clarifying it for me.  It is great to talk to knowledgeable men that commented here.  I have a few question I wanted to ask of you:  When can I structure 1031 Exchange?  After 5 years or right now?  I know the couple that is renting our house is very nice.  They really take great care of our property.  It is managed by a local rental property manager as well and she is on top of everything.  I would hate to sell this house, like you said, it has been giving us a nice cash flow.  I was thinking of refinance this house to a lower rate (4% from U.S. Bank with a 5K closing cost), but I just don't want to spend that much money to refi.  

Any other suggestions for me from here.  I have 4 beautiful children, and we want to help them with their education in the future.

Once again, thank you very much,

Cuong T.

@Dave Foster 

Good evening,

Thanks for giving me great advice.  I need to learn more about the 1031 Exchange.  I don't even know what that is.  

A question for you is that once I do the 1031 Exchange, can  I use that money (profit after paying mortgage) to buy my a primary residence?  I am living in a two story home right now and would love to down grade it to a single story home.  After a recent move, my right leg gives up on me.  Any advises here are greatly appreciated.

Have a great day,

Cuong T.

@Shaun Weekes 

Good evening Shaun,

How are you neighbor?  I know where Alta Loma is.  My kids swim at the RAA-Cove.   I have been thinking about refi to a 30 years fixed as well.  I called around and the best rate I got is 4% with about 5K closing cost.  My monthly mortgage payment will be reduced about 100 dollars which probably takes me about 50 rental months to make up this amount.  I just don't know what to do at this time.

The builders are building big houses in your area.  Soon 15 freeway will be filled with new houses.

Take care and thank YOU,

Cuong T.

@Jesse T. 

 Good evening Jesse,

Thanks for your great reply.  I will have to consult my tax man again.  Good luck to you.

Cuong

@Nuhan Demirkan Good afternoon, 

Thanks for your advice.  This year would be my second year to depreciate the house to off set my taxes.  What is your opinion on refinance that house with a lower rate than I currently hold right now (4.65% at 30 years fixed).  U.S. Bank is offering me a rate of 4.125 with about 2000 dollars cost for 30 years fixed.  Is that better in the long run?  

@Jesse T. Thanks for your advice.  I lived in that currently rental house for 15 years before I made it a rental.  The house was purchased at 250000 dollars and had appreciated to about 380K.  Based on what you said, it is wiser to hold on to it for later sell.  Do you think I should refinance for a better rate than what I currently have which is 4.65 for 30 years fixed (rental rate is different than primary residence)?