All Forum Posts by: Tim Kaminski

@Jason Wray

Thank you Jason. Yes I think the refi is just not ideal as we would like to keep our low rate. Would also reset the mortgage and would be paying much higher payments. But I appreciate response.

May still be best option.

Hello!

Wife and I have 2 newborns (twins!) and want to build new a larger house to accommodate. We owe about $300k and home is worth around $800k. What’s best way to capture that equity and stay in our current spot?

Can I HELOC but then have 2 loans to pay?

Should I sell off a rental property or two and pay for new construction in cash? But then wouldn’t I be losing all the gained equity in our primary home?

Or is best strategy to sell, capture the equity, and buy a new construction home with profit from the sale?

Maybe this is obvious but we are sleepy so appreciate the help.

Thanks,

Tim

Have never sold a property but I get offers quite a bit. Most claiming to cover closings costs/sellers cost.

Is there a general rule of thumb for what to expect to pay in fees/taxes when selling a property? I have heard 15%?

(Offer)-(What I Owe)=X*(0.85)=ACTUAL TAKEHOME $$

I am asking about the 85% I have written in equation.

I have a duplex, with a separate exterior space that I have been renting out to other third parties who wish to park a vehicle or boat there for a monthly fee. The space recently became available, and I have received numerous people wanting to rent this space with an RV but sleep in the RV as well.

At first I denied all these ppl but as I sit here with no prospects, wondering if allowing someone to rent out the space, sleep in the van at night would be an issue?

Thoughts?

Hello,

I have small single family home with detached garage.

Interested in possibly adding addition by turning garage into extra

bedrooms and connecting to main house with "shared laundry room". This

way I could rent out a front house and back house.
Is this too strange to do? Is this illegal?
Curious on thoughts. I looked into ADU but lot size is 500 sqft too small to do. This would be workaround.

@Charlie MacPherson Thank you. Working on it now.

I am closing on a duplex Monday and the seller has been dragging his feet on sending over the leases of the current tenants and now he is telling my realtor that he cannot find the leases.

He has said verbally how much they are paying a month but does not know the deposit amounts nor terms of their agreement. Who is paying which utilities etc. Obviously my concern is that I have nothing to stand on if the tenants claimed that their security deposit was any amount of money at moveout.

I have not encountered this before. Any suggestions?

My only idea is to ask the current tenants for an email copy of their current lease.

@Alexi Schreier Have wiggle room but seller won’t even drop to $140k at this point. I have considered $145k but they cover closing costs but I have heard that on investment properties, seller cants cover the full amount. 2% maybe.

@Chris Seveney Yep that’s the plan right now. Hold at $135k and wait

Offering on a duplex that has been sitting for almost a month.  I have been looking for a few months.  I believe both units can rent out at $900-1,000 each.  Realtor said that the listing agent has had no offers and no serious inquiries.

Asking Price:$149K
Offer: $130K
Seller Counter: $145K
My Counter: $135K
Seller Counter: $145K "Firm"

I don't want to give in and pay more BUT I'm also really wanting to get a deal and don't want to lose it over a $10K difference.
Any tips?  Just suck it up and get it at $145K or stay firm and let them think about it?