I guess I have gotten to the point where I feel a bit flustered, distracted, and over stimulated by all the opportunities. I am in need of some solid advice.
My current portfolio is this…
- Condo in Las Vegas - This unit has a section 8 tenant at a low 615.00 a month. This makes it about a 250 dollar a month loss but the property has gone up from 161K to a recent sale of 183K.
My hard loan is coming up on a year in august and I believe I am going to sell it at that time and possibly put most the equity into a pre-development and use the other for a duplex in austin texas.
- I have a lot in a mountain type town in california which I am planning on having a kit home built to tie in with the surrounding area and then selling the property upon completion or before.
I know this sounds somewhat structured yet a bit wide in terms of demographics…Maybe I am just scared as I do not have the consulting income i was making for a year and only can rely on my personal training/retail store for my income.
I would love it to hear some yes’s, no’s and all comments on this. I want REI to be my main source of income sooner than later but realise this is something that takes time.
Please help this just turned 23 year old wannabbe REIinvestor
Can you get the section 8 tenant out and get a higher rent? Then you could pull the equity as a down payment on another property.
As far a building on the land, you should give us some actual numbers to work with.
I possibly could do that. Trouble is he has been great so far and it is about a five hour drive from where I live.
In terms of the lot It goes like this
purchase price: 70K (74K after all fees and what not)
looking to build a 1600 square foot home which would go for no less than 400K and probably no more than 450K. It is a great location in a green belt area where a max of 1800 lots can be developed. There are roughly 200 left to build…
any thoughts anyone? feel free to PM me too.
Is there any way to take the equity out of the condo in Vegas but keep it? This way, you still have an asset but can use the equity as leverage for your Austin property. Even if you just break even on the Vegas condo for a while, maybe you can raise rents as the lease comes up for renewal.
I’d build on that lot that you have, but another choice is also to take out equity and keep it as a rental. If it won’t make sense, then selling is a good choice. Maybe you can work with your CPA to determine which choices will be better for you overall. Find a good CPA through your local investment club so they’re familiar with working with investors.
i was considering re-financing.
if i was to re-fi assuming it would re-fi at 190K i would be getting about 26K out of it which i am not sure if that is enough for both a pre-development in vegas and 10% down on a rental in austin.