All Forum Posts by: Account Closed

@Account Closed simple answer people!

Assets + liabilities = equity

Assets = equity - liabilities

$5,000,000 = $500,000 - ( -$4,500,000)

You Buy an apartment complex for $5 million with a $4.5 million mortgage. Now you have $5 million in assets and your dead uncle is happy.

My gut intuition is that they would keep the house and rent it for high dollar. But I am just guessing. 

I decided not to sell it. 

Here is an interesting question.

Zillow is offering to buy a home of mine for $227k and they said I would walk away with $211k

A neighbor with the same floor-plan, same property sqft, no upgrades like mine, just sold three months ago for $208k per the Zillow website

Why would Zillow pay me $211k out the door for my home when the comps show they are worth about $208k? They couldn't flip my home.

What is Zillow's strategy?

Its actually Zillow. I guess they are now buying homes. They are fast. They want to close in a matter of weeks

https://www.zillow.com/instant-offers/

Here is an interesting question.

Zillow is offering to buy a home of mine for $227k and they said I would walk away with $211k

A neighbor with the same floor-plan, same property sqft, no upgrades like mine, just sold three months ago for $208k per the Zillow website

Why would Zillow pay me $211k out the door for my home when the comps show they are worth about $208k? They couldn't flip my home. 

What is Zillow's strategy? 

Thanks everyone! As crazy luck would have it. My tenants of 7 years are moving out. I dont have the energy or money to fix it up and put $3-4k into it to get ready for the next tenant. This is why selling sounded so easy. 

This morning my old handy man called, also an old friend, and said he is moving back. He needs a home. So, he can move right in and I dont have to repair or paint anything. Plus, he said he would give me 6 months rent up front. Good luck today. 

I think I will keep the house. 

The whole $515k, two homes and $140k in equities are embedded in a self directed IRA. so no taxes with what ever I do. Eventually, at 59 1/2 I will pay the taxes.

...

@Luciano Armani I did the self directed IRA. I started with $110k (from an old 401k) 7 years ago n today it’s worth $515k. I took out loans in the self directed IRA through 1ST Bank n reinvested that cash. I am currently liquidating the two SFHs inside the self directed IRA. They total $370k and I have $145k in equities. My plan is to now take my $515k n move it into multifamily properties. The nice thing is I pay no taxes until I am 59 1/2. There are pro n cons to everything.

Hi Kyle, are you still in town? My number is 6028819091

Seth

I bought a 1100sqft SFR for $82k in 2011. Zillow is offering me $211k out the door. I kept the rents low all these years. I leveraged this property a few years ago and reinvested the leverage and still have $65k loan on it. So, I will walk with $146k ($211-$65k).

This home is only appreciating at about 1.5% to 2% a year.

My question is , I have additional money, so this $146k will add to my other money and I will have $500k to invest in an apartment complex. I was thinking about a $2M apartment complex with another investor.

What would stop you folks from selling SFH to invest in something larger?