irvinebullhousing
Well-known member
750 hrs + qualify you as real estate professionals. Yup, all regular TIers on here will qualify for this. As long as you spend your time talking and doing,,,that qualify in my book
Move Up: Right Time?
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usctrojancpa
Well-known member
Compressed-Village said:750 hrs + qualify you as real estate professionals. Yup, all regular TIers on here will qualify for this. As long as you spend your time talking and doing,,,that qualify in my book
I see what you did there. haha
usctrojancpa
Well-known member
ChiKid24 said:Irvine1stTimer said:I will disclose the details upon closing. I think we got very sweat deal
Inflation is going up, will 2% CDs and/or saving accounts would be wise investment strategy?
If you think inflation is going up, then interest rates will go up so savings accounts rates will trickle up too. If you're in a CD you're rate is fixed for the duration of the CD. But that's a short term investment so you can take the money out and find a higher CD at maturity if that is the case.
I'm guessing that their current property is a 3-bedroom condo which is in the sweet spot of where the market is hottest right now. I'd run the calculation assuming a very reasonable 3% annual price appreciation as a base case to see what that does to the overall return of holding onto the property for another 2+ years and still capture tax free gains.
irvinehomeowner
Well-known member
If you're younger, holding and renting may make more sense... if you have the time or don't mind the cost of a property manager. Just remember that's it's not that easy to find *quality* tenants.
In my experience you will get:
1. Tenants who barely call you, but when you go see the place a year later, it's trashed.
2. Tenants who call quite a bit, but they also keep the place clean.
3. Somewhere in the middle.
I've only had experience with 1 and 2... and for #1, we had to keep their deposit and had to show them proof that the damage they caused was actually more than their deposit (they tried to argue with me about it but when I showed them the estimate, they disappeared because they didn't want me to go after them for the difference).
But my experience may be the outlier, there are plenty of members here who own rental properties yet I don't really hear them have the same complaints I've had.
The question I had was how did you qualify for your purchase with the DTI of having to carry the rental too? FCB money?
In my experience you will get:
1. Tenants who barely call you, but when you go see the place a year later, it's trashed.
2. Tenants who call quite a bit, but they also keep the place clean.
3. Somewhere in the middle.
I've only had experience with 1 and 2... and for #1, we had to keep their deposit and had to show them proof that the damage they caused was actually more than their deposit (they tried to argue with me about it but when I showed them the estimate, they disappeared because they didn't want me to go after them for the difference).
But my experience may be the outlier, there are plenty of members here who own rental properties yet I don't really hear them have the same complaints I've had.
The question I had was how did you qualify for your purchase with the DTI of having to carry the rental too? FCB money?
Irvine1stTimer said:eyephone said:
I will disclose the details upon closing. I think we got very sweat deal
Inflation is going up, will 2% CDs and/or saving accounts would be wise investment strategy?
2% is pretty good. Some small banks do even 3%.
I haven't seen higher numbers from my expereince with that amount of money.
irvinehomeowner said:If you're younger, holding and renting may make more sense... if you have the time or don't mind the cost of a property manager. Just remember that's it's not that easy to find *quality* tenants.
In my experience you will get:
1. Tenants who barely call you, but when you go see the place a year later, it's trashed.
2. Tenants who call quite a bit, but they also keep the place clean.
3. Somewhere in the middle.
I've only had experience with 1 and 2... and for #1, we had to keep their deposit and had to show them proof that the damage they caused was actually more than their deposit (they tried to argue with me about it but when I showed them the estimate, they disappeared because they didn't want me to go after them for the difference).
But my experience may be the outlier, there are plenty of members here who own rental properties yet I don't really hear them have the same complaints I've had.
The question I had was how did you qualify for your purchase with the DTI of having to carry the rental too? FCB money?
He/she said they are not FCB but a single hard working family of 4. Hard working makes $$$.
Irvine1stTimer said:eyephone said:
I will disclose the details upon closing. I think we got very sweat deal
Inflation is going up, will 2% CDs and/or saving accounts would be wise investment strategy?
Why not disclose now? It?s not like they are not going to walk away.
the.irvine
Active member
eyephone said:Irvine1stTimer said:eyephone said:
I will disclose the details upon closing. I think we got very sweat deal
Inflation is going up, will 2% CDs and/or saving accounts would be wise investment strategy?
Why not disclose now? It?s not like they are not going to walk away.
Maybe Delano at Eastwood?
the.irvine said:eyephone said:Irvine1stTimer said:eyephone said:
I will disclose the details upon closing. I think we got very sweat deal
Inflation is going up, will 2% CDs and/or saving accounts would be wise investment strategy?
Why not disclose now? It?s not like they are not going to walk away.
Maybe Delano at Eastwood?
I wasn?t interested in the location. Just curious about the sweat deal he got.