All Forum Posts by: Wesley Raye

Hi all! Somewhat of a rookie question for those pro clippers out there.

I have a house hack that I’m BRRRing its in Rancho La Costa area of Carlsbad. We need cabinets and counters, so where can I find the best value for my remodel? Thanks for any help with this!

Looking to pull $ out of a condo I rent in Carlsbad, CA. I can do it if the appraisal comes back at what comps are currently selling for in our market; however, I had two neighbors sell in unique situations that could potentially cause the appraisal to come in short of my goal. Comps have sold for 550-575k in recent months and I owe 360k on my property. Awesome!...I thought, until I found out that a neighbor had been in a lease to own situation under the table and sold at a super low price of 450k back in February 2017. Another neighbor passed and family settled for 459k in a really slow November of 2016.  Hence the question how will the appraiser look at this? The other units that are exactly like mine from over 3 months ago or current comps that are similar, but not the same product? How can I get this info to the appraiser without breaking rules? So, as a rookie I turn to the BiggerPockets masses for advice. 

I am in similar position. My rental condo pulls in $200 cash flow and the 30 year fixed is 4.125%, which can be matched according to my pre approval for refi. The appraised value is the problem. I owe 360k on it and smaller condos in area are selling for 560k right now, but the last two identical units sold in my complex went for 450k Feb. 2017 and 459k Nov. 2017. Why so low?...One was under table lease to own and the other was a death that family had to drop quick. The percentage I can pull out is 70% of value for investment or we can move back in to get 80% (tenants just moved out). What will the appraiser look at more current sales or identical units. The appraisal fee is $700 as investment property!

Thank you gentlemen. I will follow your instructions and reach out to Mr. Busch. Any other tips as I begin this search are welcomed.

My wife and I have been using turbo tax to do taxes for the past few years. We both are W-2 earners and house hacked back in 2013 converting a Carlsbad, CA condo into our first rental. The first year of self managing the property has concluded. I started down the path of DYI taxes, but confidence is low to maximize the benefits when taxes are concerned.  We are preparing to move into more investments, but need this integral part of the team and 2016 taxes completed. Anyone available or recommendations? Much Gratitude!

Curtis Gabhart wrote: "Another thing to consider on buying a personal residence is that you get 250k if single and 500k if married tax-free if you live there 2 of the last 5 years, the tax savings itself can make your payments for you or offset years of negative (which you won't have) " I too would like to learn more about this. I lived in my place for 2 years and recently converted it to my only rental. I'm currently researching and seeking CPA to assist in first filing as REI. Any info is appreciated.

I currently rent in Encinitas and would love to buy something for the same reason as you, Steven. There is no problem finding renters that will pay, but it is tough right now to find properties that will cash flow. I have a condo that is breaking even in La Costa that we bought 11/2012 and lived in, fixed up and rented out. HOA increases gobbled the potential income right up, but it has appreciated nicely.

We along with many others, we could be waiting quite a while as market plateaus. The question is will it drop or just stall for a bit in this area? Some even think it will continue to increase just at a slower rate.

This same thing has happened to me, but haven't had the same luck.Did you place the order again on another device? I originally ordered via iPhone. Support says they received my order, I just don't have confirmation email or the product.