All Forum Posts by: Shaun Hunt

Jr. T,

I owed 46K on my house a few years ago. I now owe 120K after HELOC, I owe about another 340K on other properties, a duplex and three SFH. Just guessing, my properties, including my house are valued between 750-800K.

I make about 50K in my "regular" job each year.

Thanks Matt and Kyle! My goal to obtain five more homes within the next eleven years. Eventually, I would love to have a handful of paid for homes.  Should that me now, or later?   I would like to "retire" in eleven years.  That will allow me to draw a retirement after thirty years of employment. Once I retire, I would like to invest full time.

Things are going well, so far. Each property is cash flowing. I just need some council on how deep of deep I should go. Should I use a HELOC as my "sleep well at night account" or actual cash.

Should I take another HELOC out of my properties that have equity?

I would like to learn more about how to use "OPM."  I have tried to go at it alone with only having books and the internet to mentor me.  I am sure I have made mistakes that have cost me thousands of dollars.

Kyle, do all of your properties have debt? More owed than not? When do the banks say enough is enough? That is where I am at right now as an amateur investor. I still have my SFH, six kids, one on college that may be getting married next year, and a slew of medical issues.

So, I am sure this question has been answered many times, but let me ask it again and see where it goes.  If you have a link to a related forum discussion, I would be thrilled to check it out.

I jumped into the investing game about three years ago.  The only way I was able to do so was by refinancing my house, that I would have owned in about three years.

To date, I have a duplex and three single family homes. I owe about $460,000. That includes a HELOC on my personal residence and a HELOC on one of the investment properties.

I have about $35K remaining on one of the HELOCs.  

My question is, should I purchase another home by using the remaining credit, or should I start paying down my HELOCs and other loans. At what point do I call it quits on purchasing and focus on paying off loans?  

I realize there is a lot involved in this question, I guess I'm just looking for some ideas.

Thanks!  I love Bigger Pockets!

They are all cash flowing.  They were all purchased with the "here today, gone tomorrow" method.  There are not as many "deals" now. 

The last purchase was from a trust.  The previous owner passed away and did not have anyone to take over home.  

Chances of being able to do a 1031 and buy another property with this much equity may not be possible.

To Clarify:

Duplex, both sides Owned about three years. I owe $73,000, get $1600 in rent, pay about $600 in mortgage, WSG Duplex is worth about $160K

SFH #1 Owned about two years. I owe $53,000, get $850 in rent and pay about $500 in mortgage, WSG Home is worth about $140K

SFH#2 Acquired 11/19/14 (Yesterday), so I want to avoid short term hold tax if any. Paid 98K owe 79K, monthly payments $620, tenants move in on Friday at $1,100/month. Home could be worth $150-165K

My home: worth $140ish 1st mortgage I owe $73K, just took a HELOC to purchase last property, I owe $30 on that.

I am sure this site is full of answers regarding this question, but I need a little advice.

I just picked up my fourth investment property.  Once repairs are complete, I will have 50-65K equity.  I am quite excited about that.

I now have four mortgages, including my private home, totaling $315,000.  On a good day, all of my properties, including my private home, are worth about $600,000.

I am considering selling one of my primary home.  The problem is, I will lose one home just for the sake of having a home paid off.

I am losing thousands of dollars each year to interest payments. Not too sure when to say enough debt is enough and stop buying homes. :)

I am sure this site is full of answers regarding this question, but I need a little advice.

I just picked up my fourth investment property.  Once repairs are complete, I will have 50-65K equity.  I am quite excited about that.

I now have four mortgages, including my private home, totaling $315,000.  On a good day, all of my properties, including my private home, are worth about $600,000.

I am considering selling one of my primary home.  The problem is, I will lose one home just for the sake of having a home paid off.

I am losing thousands of dollars each year to interest payments. Not too sure when to say enough debt is enough and stop buying homes. :)

thanks

I understand the value of a great accountant, lawyer and insurance agent, however I am just curious, as a novice investor, how much I should expect to pay for 2014 taxes.

For years 2012 and 2013, I paid $925 for an accountant to do my tax returns. I have an LLC that holds a duplex and a single family home. I have the accountant file for my personal and business taxes at the same time.

I have mentioned to some locals the amout paid for the past two returns. They mentioned they didn't even pay half of that.  Loking at my invoice, I was charged 325 for tax prep and 600 for quick book clean up.  This year, the accountant I use was with a different firm. He told the college kid that worked for him just to charge me the same as the previous year. 

I am wondering if it should have been closer to $400 for prep rather than $1,000.

What do you think? In my opinion, my situation isn't too complicated. Is Turbo Tax the answer?

Also, to answer some more of Bill's questions, the land would hopefully be sold for 25-35K. There is no outstanding debt on the land for sale. The new home is 98K with the seller paying 2K towards closing costs.  The home will be held at least one year as a rental. The possibly lease optioned, sold or kept as rental. The home was appraised for $150-175K, depending on the drainage being fixed.  The home is structurally sound.

Thanks again!