All Forum Posts by: Tracy Ross

I agree with John here. I used a HELOC on my primary to buy and STR and I have 10 years to pay my HELOC back. I used a local credit union that is not even associated with the bank holding my mortgage. I would shop around.

Hi Jen,

I just wanted to follow up on here. You don't HAVE to use the entire profit on another property. You can take any amount you want out of that profit but realize you will be taxed on anything that hits your personal account. 

My best advise would be to find a 1031 facilitator now. When you sell the home the profit will need to be kept in the 1031 escrow account. A good 1031 officer can run through all of these questions with you and more!

Hi Hector,

On my real estate team we work almost exclusively with investors and I would say 65-70% of our business is from Californians. More specifically the Bay Area. We are in Boise, ID. 

I'm also a lurker here! You learn so much in these forums!

 I only ask because a lot of flipping is maintaining your general contractor and sub-contractors. I think unfortunately there's a lot of scams and people in the contracting profession who will tell you one thing and do another. So without being able to view the progress on the property- for me- it would be way too much risk and liability to flip so far away. Plus- you know your market, you know what people are looking for!

The nice thing about LA is that because it's so expensive you have the possibility for much higher returns! Think about driving for dollars. Just drive around to some b and c neighborhoods and look for the worst house on a nice street. Contact the owner and see if they would be willing to sell. 

Hi Thomas,

I would get the laminate countertops for now. I don't think renters are that picky. And they are easily replaceable if renters damage them. Save the money for the quartz for when you sell. 

I have a guy here in boise he refinishes tile and shower surrounds. It looks beautiful and is surprisingly durable. Maybe you have someone around you who does the same thing? 

I would buy the A/C. Its a capitol expenditure and won't need to be replaced for another 10-15 years. 

Mine is pretty accurate. My STR on the Oregon Coast probably is off about $1000 for the year from AirDNA and actual income. Although it does say my occupancy was a lot lower than it really was.

I'm just curious what made you want to flip out of state? 

Try posting it on Zillow and Craigslist. 

Are you hiring cleaners? You can just have the cleaners take out trash. And it's very common to ask guests to leave out the trash cans. Just set a weekly reminder on your phone to text guest to please leave out the cans. 

This info graphic shows exactly what I've been predicting. I think we will see rates drop (6.5-7%) next year. It's an election year and the economy is one (if not THE biggest) topic. Also, 8% rates are keeping many young, first time buyers out of the market. This isn't sustainable. But I agree with Marcus, I don't think we will ever see sub 4% again in our lifetime. I also don't think we are going to see average home prices dip.

I also think there are a lot of buyers (AND sellers!!) waiting in the wings for rates to drop! I believe when they do we are going to have a big market push!