All Forum Posts by: Stephen Wong

Hi - Any perspective is greatly appreciated. Hopefully this helps anyone else in a similar situation..

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I purchased my first primary residence in Jan 2021 in AZ. 

As of Jan 2022 (12 months later), I am considering moving back home to CA and renting out my primary residence in AZ and turning it into an investment/income producing property. (Mortgage+Expenses ~$800 vs expected rent $1,800 = $1,000 cashflow+)

This should help with reducing my debt-to-income ratio (including my student loans) in order for me to cash-out refinance or qualify for another home. (I don't want to sell the property)

Any issues or foreseeable problems I may run into? things I should be aware of before starting? What should be my first steps?

Thanks in advance,

Steph

What’s going on everyone,

I live in Santa Clara, CA but recently purchased a home in a small town called El Mirage, AZ which is 15-mins from Glendale and 30-mins from Phoenix. Blue collar working town.

The home is no-looker by any means inside&out. Definitely needs some TLC.

I’m going to have my family rent out the home in the meantime as they are transitioning to another home in March. Then fix it up to get higher paying tenants.

The goal is to rehab, rent then refinance - for cash flow and buy another home with equity built.

My question here is: when March comes around, should I start fixing up the inside or the outside of the house first?