All Forum Posts by: Tony Longoria

Quote from @Malcomb Stapel:

@Tony Longoria  if you sell it and clear $100k, that is essentially 104 years worth of cashflow at your current number. 

If you HELOC you will pull out less than half that and be negative cashflow on that unit to own more properties.

Have you considered selling it and doing a 1031 exchange? You could get into another property and have a lot more cashflow right off the bat. Maybe trade it in for an STR?

Thank you for the response. I have thought about the 1031 exchange, but it wont work because of the timeline restrictions. Plus I would like those gains to go towards multiple properties. And I think the 1031 requires a property of equal or greater value. Fortunately, my military status will allow for me to avoid some of the cap gains taxes. 

As for STRs, I am very excited to get started in that market but unfortunately, my military schedule wont allow it. I am stuck with LTRs as they can be 100% passive. 

Hello everyone! New member here. I want to apologize in advance for not having my profile updated before posting. Quick intro: I am active duty military currently stationed in OKC, OK. I own five properties and getting ready to close on my sixth. All are LTRs except for my primary residence. 

My purpose for this post is to get some advice. I purchased my very first property in Pensacola, FL during my flight training. At the time, I did not really know what I was doing or have the education that I do now. Fortunately for me, the property has not been doing too bad. I purchased it for around 150K in 2015. As soon as I transferred, I hired a property manager and it has been rented out consistently ever since. I have had absolutely ZERO issues with this property and every tenant I have had have been great. Seriously no issues at all. The only problem is that it only really cash flows about $60-80/Mo after all my expenses. 

Obviously the past couple years have significantly helped RE appreciation and this property in particular is now valued around $2$50-260. It is a 3/2, 1277 SQFT SFH.

My question is, should I sell this property and possibly take home 100K to re-invest in multiple cash flowing properties in the OKC area or should I leverage my equity through either a Cash out Refi or HELOC to put that cash to work here locally? My mentor recommended the latter, but I am on the fence of possibly selling. If I cash out REFI, I could probably pull out about 40K at 75%LTV which would probably up my payment a couple hundred bucks. I think being 1-200 in negative cash flow is a small price if I'm able to secure a couple more local properties with that cash.

I am open to everyone's opinion. Thanks in advance.