Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Wendy Quezada

Wendy Quezada has started 2 posts and replied 5 times.

Hello community, we are new to real estate investment. Have only owned this house in Texas for a year, and our tree fell (split in half, half on the roof, half in the street). Our property management company needed to get ASAP authorization from us to get someone in there to clean it up, so we gave them the thumbs up for the $3,300 clean up fee ;-(

Next comes the roof damage estimates, will get those in a few days. My question to you awesome people: Our homeowners insurance deductible is $5,000. If the room damage puts us over that threshold, should we still consider paying out of pocket to avoid them raising our rates next year? We had a very hard time getting insured this year, due to Texas being one of those states that apparently insurance companies aren't loving these days.  So I fear trying to save money by getting the insurance company to pay for this will mean we pay more in the years to come. Would love to hear your thoughts. Thanks, all.

@John C Peraza Interesting options. Let me look into what the rates would be with both options. I'll look into a Heloc as well. Thanks!

@Bill B. - That is a very good point about the taxes. I'll think about this option instead (selling, using the proceeds for at least one rental plus a new primary). Thanks so much for this food for thought.

@Mason Hickman - We'd be able to rent our current home and not cash flow. By which I mean we'd bring enough in for maintenance  and vacancy reserve funds and property management fees, but not have anything left over.

Yes, exactly right, we'd like to have 3 properties paid off when we retire in 20 years. 

Is there a better way to go about this? Here's what we are planning to FINALLY become real estate investors:

1) Cash out Refi on our current home 

2) Rent out our current home

3) Use the cash out  to buy a new home to live in.

4) Do it again

Does this make sense? For reference, we are in our early 40s. Main goal is to have something for retirement, not really interested in passive income right now. 

Please feel free to poke holes in our plan or suggest better ways to accumulate at least 3 properties by the time we retire in 20 years.