I Own My Home and Want to Buy Another! - Audra Lambert Real Estate 2023
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- Опубліковано 19 лис 2023
- I Own My Home and Want to Buy Another! - Audra Lambert Real Estate 2023
I own my House Outright and want to buy another Property!
This video discusses things you should consider if you own your home outright or have a lot of equity in your home and want to sell.
Capital Gains Video:
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Looking to interview realtors in your area? I can connect you to a few in your area! Just fill out this this information in the link below and we will coordinate a few agents for you to interview:
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Interview Questions to ask a Listing agent (top 13 Questions):
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Interview Questions to ask a Buyer's Agent (Check List):
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Video on interviewing a Buyer's agent:
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Staging your home Checklist:
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Avoid a Bad Home Inspection Checklist:
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Showing a property video:
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If you are considering moving or selling your property in Orange County, don’t hesitate in reaching out to me.
For more information visit www.LambertGrou... or give me a call at (949) 697-2232
💁♀️ My name is Audra Lambert. I am a realtor in Orange County, California. I have lived here most of my life. I have over 20 years experience! I love what I do and Love where I live! Most importantly I enjoy helping people as they transition into their next homes.
💰 HOME VALUATION: hmbt.co/TaWy3g
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This is not legal advice, nor can I give you legal advice Sorry! Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Nothing here should be construed to form and attorney client relationship. Audra Lambert with the Lambert Group does not render or offer to render personalized investment advice, tax advice, or real estate investment advice. The information provided is for informational purposes only.
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Audra Lambert, Lambert Group Homes
📞 949.697.2232
💌 Audra@LambertGroupHomes.com
🖥 www. LambertGroupHomes.com
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We're in our 60s, retired, paid off mortgage. We want to move from OK to TX to be near family. I've been worried about the whole contingency aspect of trying to buy a house while trying to sell ours. After watching this, I'm seriously considering renting for a while in the new location and taking our time finding our next home. My other concern is homes are more expensive in TX (Dallas area) where we're moving. Our 300k home in OK would cost 400k in TX.
Hi Diana, that's not a bad idea. Buying a home..especially in a different state, is a HUGE decision and commitment. Its not a bad idea to rent to ensure you like the area...even if its just for a few months. Best of luck to you. I love that you are moving to be closer to your family. Thanks for watching my videos.
I won’t sell my house first because it takes me 5 yrs to find a home in my city and rental is at zero vacancy rate now. Also where I am in Canada no one will rent a house without a one year lease. I have friends who have been homeless for almost a year.
I hear ya. Most rents are for a year out here too. Not fun being homeless. Sounds like you know what you're working with. Best of luck to you.
@@AudraLambert Thanks. Love your channel!!
We are considering a short term rental (say 6 months) while we look in the area we are interested in.
I wish I would have rented first when I moved out of state. I ended up buying a home that 80% of the locals.couldn't afford to buy. Not tooting horns but saying that when it came time to sell we had no buyers that could qualify.
Hello there, I am so sorry to hear that. Renting in an area first isn't a bad idea for that very reason. Thanks so much for sharing!!
My realtor says in Texas, we can transfer our homestead exemption and our over 65 deduction from our current county. If we had a disability deduction, we could also transfer that.
We were hoping to sell our home and buy another one in Prescott AZ after my husband retires in a year or two. Our daughter lives in Prescott Valley and we would love to be closer to her. Everyone always told us it was cheaper in AZ than So Cal. NOT. There is no way we can sell our home here and buy something equivalent in Prescott for cash. We bought our current home here in the mountains as a foreclosure in 2011 for $78,000. It was a fixer upper and we have been working on it ever since. We did have to take out a $75,000 loan to do some of the larger projects. We still owe $40,000 on that and the home is almost finished. We had planned to sell it and rent in Prescott until we could buy, however, rents over there are now way over $2000 per month, which we won't be able to afford on his pension and SS income. We also don't know if we will be able to afford to say in California either with the way things are going here. I already had one friend leave when she retired because she couldn't afford to stay here. I am beginning to fear we will have to move into our mini van sooner or later.
I am so sorry to hear about your situation. Inflation effected everyone throughout the world. Housing values and consumer goods have skyrocketed. People are on a fixed income really were impacted. I feel like I am making decent money but have never felt more poor. That's the impact of inflation. Renting may make sense in the short term. I am seeing rental in my area start to trend down. Hopefully that will occur in Prescott too. Best of luck to you...and thanks for commenting.
I am most comfortable selling my home having the cash and then buying the next one with an all cash offer. That is part of my retirement plan. I will be downsizing and moving to a lower cost county. However, we looked at over 100 houses to get our current one( not actual walk-throughs, some were discarded once we saw the location), so I am a little concerned about the time that we will be homeless. Goal is no mortgage when I retire so I don't see a way to turn my current home into a rental and buy something else. Though I could clear almost $2k/month profit if I was to rent my home.
I know its daunting not knowing where you land after you sell your home. $2k a month profit on your current property is a lot of money. Its always good to minimize those expenses for retirement. Owning a property is a marvelous thing...especially when its all paid for. I would consult with a financial advisor. Always good to seek wise advise. I can tell you'll do great!!
Equity has nothing to do with a gain. It is the value of the asset less what is owed. The factor is the mortgage.
The value of the asset less what is owed=equity. If the value of the property increases...so does equity (if your mortgage is on a fix rate, that is). To have your gains realized, you would. need to sell the property and/or refinance etc.
I've been slowly planning to move out of our house when our first of three kids began high school 4 years ago. She is now attending Cal and our twins are in 12th grade. My plan is to turn our current house into a rental and I've taken courses on how to be a successful landlord, getting deep into landlord/tenant laws (we live in Oakland, CA), and learn about other landlords expensive mistakes. Our ideal situation is to buy another smelly fixer during the winter holidays where the seller did the opposite of your "Prepare Your House for Sale" video. We opened a $500k HELOC a few years ago to fund the next house.
Wow...good for you!!! I like that you are taking the steps to understand how the market works/educating yourself. Congratulation!! You really have to understand the tenant laws in California...its not in favor of the Housing Provider. Best of luck..I know you'll do great!!
Totally agree with your plan to sell first rent and then buy....this always worked for me, and helps to make life easier....there will always be a home waiting for you when you have money in hand...thanks so much again for all the wisdom shared.
Absolutely!! So glad I could help. Thanks for your comment.
Not in this current market when there are 4 buyers for every home!
Thank you for your expertise ❤
You are so welcome!
You give such great advice and I’m learning so much from you as I am going into this newly alone. I so regret not renting first before moving to a new city
If you have capital gains and then buy another house the CG does not apply because that gets taken off on the gains paid to the new house. That would be like a trade, not a gain.
Anytime you sell a property and there is gain (minus expenses/investment/deductions etc), the homeowner is subject to taxation. Purchasing a new house is a new transaction...the cost associated with purchasing the new property does not get to be offset by the departing property. That is the way I understand it. I would check with a tax advisor with your situation. There is no trade...unless you are doing a 1031 tax exchange.
Love your channel! 😘
Ahhh...thanks so much!!
So we have a mortgage in Iowa only 3 years old. We want to move to Sedona Arizona because I’ve developed arthritis & it’s where I use to live.However it’s very expensive there in comparison. Like our 2900 sqft house might get $400,000, there we could get a 1300 sqft manufactured home for around 550,000 -750,000. We have a beautiful almost victorian btw. And we need to do a VA loan & probably sell to get another VA loan & on a contingency, because my husband is not going to want to move across the country with 7 pets & all our stuff unless we have a house lined up. And we’re only going to make maybe $90,000 if we’re lucky. Then there’s going to be fees & were going to have to add to the down payment because the interest rate is so high and the home prices are so high, even though normally we wouldn’t have to do a down payment with a VA loan. And we’re early retired in our 50’s. I’d love to have a second home here & there but I don’t know if we could? Well we can only have 1 VA loan. And renting out there would be great for like a air b&b but here we would just break even.
I hear ya! A lot of people are in this situation. This is why a lot of people aren't selling their houses right now. Its too expensive and the options as to where they could move are limited. Sounds like the airbnb isn't an option either. By the way, so sorry to hear about your arthritis...not fun! VA loans are great but you can only have one VA loan. Wish I could be of more help...can you discuss this with a trusted advisor? I wish you all the best!
@@AudraLambert Thanks. I will talk to my loan officer and old real estate agent.
What are the pros and cons of providing financing when selling a property that is paid off?
Hi Patricia, the pros are you are receiving interest payments off your property. You are the bank extending a loan to the borrower/homeowner. The cons: what if your homeowner doesn't pay you. Just make sure you have professionals that deal in this type of business. You would need to foreclose on the property and take it back. It sounds easy...but not so much. Lots of legal procedures...and you aren't making money while your borrower is not paying. Also, the homeowner could always pay off the loan, now where are you going to invest your money. Not a bad problem...just something to think about.
@@AudraLambert Thank you for your thought provoking reply.
Yes, of course!
I own my condo outright. What if I don't have a mortgage? I'm so new to this. Im like learning Japanese right now. I have proof of funds for a new house but I want to get a loan until my old condo sells. And it's not old really it's in a nice area. Is that possible? I want to get out of my condo and away from my neighbors. And I also have to get out of my condo before I can get my condo ready for a listing. So if I have The proof of funds for a new house. How easy will it be for me to ask the bank for money to buy that house, especially if that house is really really inexpensive compared to my condo?
Hello there, it really depends on what you qualify for. The best thing to do is contact a mortgage lender and ask them how to qualify for a loan, what documents they need, and how much you can purchase. Not having a job is a bit harder to qualify for a loan. There are also hard money lenders who will use your house as collateral but the rates are expensive. Hard money lenders will take on more risk usually..but will charge your for their risk.
Hi, Audra! What do you think about apartments for 55+? Is it worth to buy it? Is it possible to get it if you are not over 55+?
In my area, Orange County, CA, it is virtually impossible to purchase a 55 and older property unless you are minimum age 55. In my area, 55 and over communities perform very well. Not sure about your area, I would just do the research. Overall, I live 55+ communities. Just know what you are getting yourself into.
@AudraLambert no, I am just trying to find the cheapest way to get place for leaving. Regular apartments cost too expensive and HOA are very high. I am single person without kids in my 38 years old. Thank you so much for your answer 😊 🙏🙏🙏
@@nataliiab.6965 yes, of course. HOAs are very high. Its just so dang expensive to live now-a-days. Best of luck to you...you'll find the right solution.
@AudraLambert thank you 😊
@@nataliiab.6965 Sure, anytime!!
It’s a difficult place to be in😊
I own my home and want to buy an income property. To accomplish this, I need a mortgage or loan.
Hello there!! A mortgage is a loan. If there is a loan on the property it is called a Mortgage Loan. Same thing! Best of luck!!
@@AudraLambert Thank you, I meant to say a mortgage for an income property or a home equity loan.
Oh yes, that’s my dilemma.
Its a difficult dilemma to be in. Sometime, you just have to go for it. Thanks for watching!
You should be talking about the coming housing crash which is at our doorstep, and you're not.
I don't do doom and gloom on my channel. Not going to lie that I feel the market shifting...but I can't tell you how many times I have said that and NOTHING happens. The mere fact that so many people are talking about a CRASH might in and of itself avoid one. Just saying. If there is one thing I know, its predicting the housing market is very difficult. I think if you buy in the right area and have a mindset of a long term hold, it doesn't really matter what the market does. Just make sure you have reserves when the market does correct. There will be a housing correction, I have no idea how deep the impact and when its going to happen. No one does for sure.