All Forum Posts by: Zach Jones

@Basit Siddiqi signed my $ out docs today, but I appreciate the idea! 2.3 for a 15 yr taking out 90k so I'm not too upset. No major repairs needed, fairly turnkey!

Just rereading your responses..When you say that I'll lose the income source, do you mean I'll lose it in the form of the HELOC payments or I somehow won't receive the income with the 1031?

@Jacqueline Gardiner thanks for the thought! Definitely possible but with the volatility, I'm out! Haha

@Kerry Baird leaning toward $ out refi. Fixed rate and slightly lower then my current rate. Downside = closing costs/taxes

@Benjamin Aaker sorry couldn't figure out the app to sign back in to reply, lol. Rates would not adjust. Fixed rate. After playing with options, a cash out refi made the most sense (Heloc rate was mid 4s), because I can get a 2.37 rate (2.6 currently) and have my mortgage move by about 500ish dollars.. I'm unfamiliar with the 1031 but will gain some knowledge here shortly. It seems like most would lean toward keeping those assets gaining value and finance the cash down?

@Benjamin Aaker it's seems to kind of be a catch 22 because I've gotta pay back the heloc with the income from the property ..

@Kerry Baird I stayed away from thr D property and went with a triplex in a B area. Well maintained, and essentially turnkey. Big question here wqs avoiding tax

So my last post on BP, I was asking for advice purchasing a very old rental in a D area.. Since then, I've saved some cash and reevaluated.  I've found a really clean triplex 1 city over, more then I wanted to spend but pretty turnkey as far as maint/and the property goes.  

My question for you all.. being a income property, I need 100k down. I've got the cash between a stock & crypto portfolio and now is not a great time to sell due to the current run up of both. I'm wondering people opinions on doing a HELOC vs selling assets that are gaining value. What would you guys do?

Also, major part of this.. TAXES.  Selling everything would lead to Uncle Sam adding over 100k to my annual income and therefore tax me quite a bit for it.. give me some ideas! Thanks

@Joe Villeneuve I bowed out and decided to step away from the opportunity... It was/is very tempting in this market but I'll agree with you on the massive risk.  Hopefully will find something else that will work.. appreciate your input Joe, thankyou.

@Joe Villeneuve "I'd do that deal in a second". I'm not trying to speculate the market in the future, I'm more or less trying to determine if the move is smart .. I'm only unsure of the roof really, and is this not what Inspections are for? And please understand; the only goal is to make money.  Rent = Constant Return, so after 3 years this a small income.. nothing major, but income.  When the market does drop and houses are selling at similar cash, then I'm buying the dip.

If it passes inspection, flying colors. You know the ROI. The home turns 100 in 8 years. Are you a in?