All Forum Posts by: Tim Siocheng

@Joe Villeneuve

I did the math on my end plus the new potential taxes that i’ll be charged if i paid off the rental. It appears that i would ended up almost the same amount of money if not less at the end of the month.

(I used my current tax rate along with my w2 job)

I’ve gained more insight after you explained it thoroughly. Thank you!

@Jason Pedersen

Yes, 2.375% is the on going rate here in Southern California. But this is only for the primary residence only.

My ultimate goal is to be able to get out of the rat race, but until then i’m trying to take advantage of the current low rates; and that’s when i thought if i can refinance using my primary residence and put the debt there instead (to get the 2.375%) maybe i would get the extra $300/month.

I appreciate your insight also.

Thanks

@Theresa Harris

Thank you Theresa. Will follow your advice

@Joe Villeneuve

Thank you for putting my concern into perspective. Costly Mistake averted.

I also want to thank everyone for the advice.

I’ll continue looking for other properties i can invest on rather than paying off my current rentals.

@Nadia O.

Thanks nadia!

@Joe Villeneuve @Theresa Harris

Yes, i am thinking of pulling the money of my primary residence to pay off my rental property.

I'd be able to get 2.375% on my primary residence. The rental property has 3.75% APR on it. The difference between the two is about $300/ month.

Although now i don’t think i can write off the mortgage payment as an expense if i payed off the balance on my rental property. And i’m not sure if i will be taxed alot for the extra income.

Hello everyone, mortgage rates right now is super low that i want to take advantage of it. The thing is the mortgage rates are low if it’s your primary residence and still quite high for investment (rentals).

My current rentals are around 3.5% to 3.75%.

Should i refinance mg primary home and pull some cash out to payoff my rental mortgages?

Will i be taxed on my rentals? Since i won’t have the mortgage payment as deductions.

The reason why i am asking is because it will increase my cashflow every month of atleast $300.

Thanks

hi everyone, i am too interested in getting into the OKC market. I am a newbie in real estate, from southern california and i barely started having a few rental properties. 

Are you guys looking for deals by yourselves or do you get it from turnkey/ wholesalers? 

hi Kana! i am too from southern california and for newbies like us it is really hard to land on homerun deals. OOS investment i say with our current skill level is hard if you'll be doing it all on your own. What I mean to say is, usually newbies like us don't have all the knowledge yet on how to use the tools available and we don't have contacts (such as contractors to repair the house, property management that we can trust, rental market research and etc.). What I would suggest to get your feet wet in OOS investing is going through turnkey providers. They'll be able to supply you with a property, property management, repair/ get the house ready for you and give you the experience you need in your real estate investing journey. 

There are alot of turnkey providers out there, I used Spartan Invest and they've been good to me and other investors I met in my workplace. Let me know if you want an introduction. 

Anne: did you find any good turn key company servicing Columbus ohio? 

@Austin Steed are you / company a turn key company? I am interested to see potentials multi family investment in Columbus OH 

Update:

According to the inspector, the roof needs to be changed out soon because the shingles are cracked, some spots are showing the foundation that it is glued onto. He also said that the cracks and exposed bricks are signs of wear and tear and that water, and sunlight can penetrate and loosen up the glue. The age of the shingle roof is 20 years ++ and it might last another year or two depending how bad the weather gets.

The contractor (sellers contractor) says they will issue a letter that the roof have atleast 5 years life remaining. 

*****

Does the letter mean that if the roof doesn't last, that the seller will cover the cost of the roof and the damages that it might incur? 

5 years isn't much for roofing, (unless i'm wrong) plus it would extend my ROI for atleast another 5 years.

I value the inspectors work and insight it's his profession for the last 20 years or more, and he's not biased and no conflict of interest on the property.  

It's a good location but the numbers are not going to work for me, if I have to replace the roof in a few years. I'm leaning on walking away. 

I appreciate any feedback you can give.