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*** Official Real Estate Forum *** (2 Viewers)
- Thread starter jeff_eaglz
- Start date
Random
Footballguy
What is your projected sale price (less commission)? How much does it rent for?
We've thought about selling a few of our houses, but we actually get too much rent to justify selling. I wouldn't consider selling unless I was getting 10+ years rent.
Random
Footballguy
Sounds like you two should partner up. Divide responsibilities, become good at your part, and conquer.
Random
Footballguy
This. Very true. We went through this when we had a lowish number of units. It sucks. The money doesn't seem worth it. Numerous times we talked about selling. Actually, our plan was just to buy and rehab/rent while prices were low then sell when the market rebounded.
Not sure why you cant buy more for the next decade or so. You own the place free and clear, you should be able to get a very nice HELOC on it. Use that to buy and rehab the next one.
But I definitely understand the burnt out feeling of it.
Zegras11
Footballguy
11% probably tax free if he is depreciating the property. And that doesn't count any appreciation.
ghostguy123
Footballguy
I am pretty confident it would sell for close to $60,000, and I would clear at least $55,000 after all is said and done.
Rent is 775 minus about 250 off the top for taxes and maintenance fees.
The place will need a few grand worth of updates in the next 2-3 years also.
ghostguy123
Footballguy
Zegras11
Footballguy
Sell and 1031 tax exchange into a 2 or 3 unit building. Put the 55k down on something $100-125K. Get 2-3 rents coming in.
Yes, it can seem like it's not worth at the start, but you have just said you are getting 11% tax free in rents and place will net another 25% when sold, in what, two years?
Just keep doing this every 3-5 years. Buy places in very good shape if you don't like repairs.
Random
Footballguy
This is your playbook, right? Sounds like it worked well for you.
But whats the advantage of the sale? Wouldn't you come out ahead just holding on to the property and taking out the equity to purchase the 2 or 3 unit? I'd guess you'd at least save on the realtor fees, title fee, closing fees each time. I feel like I'm missing something here.
Zegras11
Footballguy
He could do that for sure. But he did mention 2-3k in repairs in a few years. It's all about safely leveraging into more units, which is more rent and less risk. The costs to sell don't come out of pocket and in might make sense to sell and trade up, or it might make more sense to hold and take out a loan and invest that in more. You just need to crunch the numbers to see what works best.
ghostguy123
Footballguy
I have also had some thought of selling the condo, paying off my house, then using my current house as a rental in about 2-3 years when a friend's family i know will be selling their house. A house my wife and I would absolutely love to buy. I already talked to the home owner. Its our old neighbor actually, and i can get first crack at it before he calls a realtor and commits to blowing 10 grand going that route.
I dont think i can get that done without selling the condo first. Really not sure.
I dont think i can get that done without selling the condo first. Really not sure.
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Zegras11
Footballguy
What about keeping both and getting a loan for the down payment (off condo) on the house you want to buy?
let other people make you rich
ghostguy123
Footballguy
Sounds like a lot of organization that I am not good at...............but yes that is a thoughtWhat about keeping both and getting a loan for the down payment (off condo) on the house you want to buy?
let other people make you rich
Built our house in lakeview 5 years ago. This sounds awful in my opinion. You're going to be picking out the details with any builder anyway....and building a house is stressful enough...having to manage paying the suppliers will only add to it.
What kind of savings are we talking about?
Sand
Footballguy
A direct result of the housing crash. It will take a while for supply to catch up. Though it seems from the news that all 2.5 million are trying to squeeze into San Francisco.
ghostguy123
Footballguy
I just wanted to repost this quote. Maybe as some inspiration for myself.Getzlaf15 said:let other people make you rich
ghostguy123
Footballguy
I actually hadn't even thought about finding some agent for stuff like this, someone who could direct me to a property that I might not know about that was sort of like the condo I bought.
I guess I just figured I wouldn't be able to find someone who would be able to find me a property that other investers hadn't already poached.
I guess I just figured I wouldn't be able to find someone who would be able to find me a property that other investers hadn't already poached.
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Random
Footballguy
ghostguy. sounds like you really should just go to your bank (or shop around/make phone calls) and open the heloc. Get this out of the way. Once open, its as easy to get money as a checking account. From there, its available to use on a home purchase. I could not imagine being in this business without these. Esp since you own the condo free and clear.
I use 5/3 bank. Our business and personal accounts are there. Transfers online between helocs, personal, and business accounts are seamless. No cost to open the helocs, very low rate (prime -.25, +.75, and +1), and only $65/yr fee.
Zegras11
Footballguy
When you bough your condo, what was your long term goal for real estate? Do you have one?
If you do have one, I suggest you read some books on leverage. Example, right now if you sell you'll have 55 k.
It's good that you started with one condo to learn, but let's say you put 22500 down and bought two condos at 45000. Your payment would have been around 110 on each, so you would have netted about 1300 less per year, but even at 3500 profit on each, you would net 7000, instead of the 5000 you did with one unit using the same 45k.
And if you sold now at 60k, you'd get 120k minus about 40k for the loans and 9k in selling costs and net a little more than 70k. All for the same 45 k you put down. All in two years, right? now imagine 10 years from now and another zero behind all these numbers.
Don't discourage your bro. Encourage him to read about investing and find an agent that has done investing. I had great mentors. Learn from their mistakes.
ghostguy123
Footballguy
At the time I bought it I did not have a long term goal. I had certainly thought about how nice it would be to own a bunch of rental properties and retire early, but it wasn't a goal I was actively working towards.
For this condo it was a unique situation. I was familiar with this condo association. I had lived there in a rental myself for three years not too long before purchasing this one. I knew the association was in excellent standing and run by very competent people. We were saving up money for a house at the time.
This particular condo was a short sale and actually was sold, but somehow financing fell through two different times. The seller (bank?) at that point said they were only taking cash offers. Well, the original deal with the previous buyer was for $45,000. After that deal fell through, something happened where the condo association required the condo to have a brand new central air/furnace unit put in.
I talked with my wife and we decided to use our savings to buy the place. I ended up getting it for 5 grand less than the previous buyer was paying AND a brand new A/C and furnace was put in. We were in a unique position having as much money in savings as we have, and decided to go that route.
Currently I realize I could go all sorts of different routes. I have enough cash right now for a 20% down payment on a $100,000 house/condo assuming I didnt have to put much money at all into it to h ave it rental ready. I would strongly prefer not to spend that much. Really I would like another condo in the same complex I have now. I know some people say not to put all your eggs in one basket, but I would think owning two low priced condos in a very good area wouldn't be as high risk as if the properties cost a lot more. These are by far the lowest priced condos in the city I live, but they are in good shape, with a strong association with a good surplus of funds, and in an ideal location for rentals being right near the high school and middle school, library, YMCA, shopping.................
The head of the condo association who is my property manager there has a few units herself, and it has gone well for her there for a long time. The MOST expensive condo in the entire complex would be a 3 bedroom (mine is a 2) that would cost maybe 80 grand, and that is with all new updates and would rent for about 900 with the same 250 a month off the top for taxes, fees, and insurance. If any come for sale, I am sure I could get a 3 bedroom for between 65-70 grand in decent move in condition and still rent for that same 900. I know a couple sold last year for around that, but I was not in a position (or was I??) to buy at that time.
This lady also (she is very nosy) seems to know everything about everything, and knows about potential foreclosures, short sales, and people who need to sell or are moving or whatever. Basically, I think I just need to call her and talk to her, lol.
Zegras11
Footballguy
" . Really I would like another condo in the same complex I have now. I know some people say not to put all your eggs in one basket, but I would think owning two low priced condos in a very good area wouldn't be as high risk as if the properties cost a lot more. These are by far the lowest priced condos in the city I live, but they are in good shape, with a strong association with a good surplus of funds, and in an ideal location for rentals being right near the high school and middle school, library, YMCA, shopping................. "
Really liked this. Stick with what makes you comfortable. I'm not a fixer upper guy, so I stick to good properties.
Really liked this. Stick with what makes you comfortable. I'm not a fixer upper guy, so I stick to good properties.
ghostguy123
Footballguy
I just called her. She said one of the 3 bedrooms is going through the foreclosure process and will need a lot of work. So much work it might sell for 30 grand (would be worth 65-70 if fixed up to "respectable" condition). However, the way these condos are set up, a complete renovation wouldn't be as crazy as it would sound. Even to re-do the entire plumbing for one of these would only cost a professional about 3-4 grand since all the pipes are pretty much running up one area from the first floor to the second (and I know this condo would likely need all new plumbing). Now, this condo would not need a TOTAL renovation, but just saying that even if it did it would still be pretty doable for a reasonable overall investment. So I am going to keep an eye on this one, and my property manager (who says she does not want any more properties for herself) said she will keep me posted.
She will also keep me posted if anyone is just looking to sell so that I could possibly buy a move in ready place.
I am not a big fixer upper person either, but I know people who are
.Also, the low prices of these places might make some people reading this that these properties and this area is run down and crappy. That is not the case at all. The school system is one of the highest rated in Ohio. There just aren't any businesses or major corporations withing 20-30 miles, so just the overall living expenses here are lower. You can get one hell of a nice house around here, say 3,000 square foot immaculate place on 2 acres in a private area for like $250,000.
BigJim®
Footballguy
Dealing with an interesting real estate offer/counter scenario and would really appreciate any wisdom others can offer.
Background, myself and another investor are looking at a property which last sold to present owner in 2014 for $362K after being on the market for 1 year at $425K. Current owner did do maybe $40K in structure improvements before putting the property back on the market in January of this year (reportedly due to divorce). His January list price was an astounding $539K (i.e. a 49% return on his 2 year purchase price). He reduced to $519K in April, and reduced again to $499K in June. I would describe this as an irregular listing, although I think the 1960's harvest brown appliances and other outdated features will deter folks looking to spend $500K on a property.
Myself and co-investor agreed we would try to buy this property in the neighborhood of $450K-$460K, and presented an offer of $435K, thinking it the best way to get to our target price. The seller came back with a full list price counter, and even (spitefully?) excluded a <>$ $2,000 shed previously listed as being part of the sale. Additionally, seller had said he'd received an insurance claim for hail damage to siding/gutter, and he has no intention of using funds received for cosmetic repairs (which we'd asked him to carry through on fearing insurance/appraisal woes). He says he just replaced gutters 1 year prior.
We got back to our agent saying we didn't think this seller seemed serious about selling, to react that way with a property that's been on the market for 6 months. Despite that, our agent thinks it a good idea to counter back at our $435K with the shed exclusion and without hail repairs "to see where the seller is at." It's worth mentioning our agent has not done a thing other than pitching a tent for this property, so we question much of what he advises. Myself and co-investor are not in agreement here. Co-investor thinks we should go back again at $435K, and perhaps even increase our offer to $440K, with seller's exclusions. I think getting back with a counter would just embolden this seller's delusional mindset, and it irritates me to even consider increasing our offer under these facts. I don't think it would hurt to seller stew a bit as he languishes at his $499K, hopefully regretting his reaction a bit, before we counter back.
Background, myself and another investor are looking at a property which last sold to present owner in 2014 for $362K after being on the market for 1 year at $425K. Current owner did do maybe $40K in structure improvements before putting the property back on the market in January of this year (reportedly due to divorce). His January list price was an astounding $539K (i.e. a 49% return on his 2 year purchase price). He reduced to $519K in April, and reduced again to $499K in June. I would describe this as an irregular listing, although I think the 1960's harvest brown appliances and other outdated features will deter folks looking to spend $500K on a property.
Myself and co-investor agreed we would try to buy this property in the neighborhood of $450K-$460K, and presented an offer of $435K, thinking it the best way to get to our target price. The seller came back with a full list price counter, and even (spitefully?) excluded a <>$ $2,000 shed previously listed as being part of the sale. Additionally, seller had said he'd received an insurance claim for hail damage to siding/gutter, and he has no intention of using funds received for cosmetic repairs (which we'd asked him to carry through on fearing insurance/appraisal woes). He says he just replaced gutters 1 year prior.
We got back to our agent saying we didn't think this seller seemed serious about selling, to react that way with a property that's been on the market for 6 months. Despite that, our agent thinks it a good idea to counter back at our $435K with the shed exclusion and without hail repairs "to see where the seller is at." It's worth mentioning our agent has not done a thing other than pitching a tent for this property, so we question much of what he advises. Myself and co-investor are not in agreement here. Co-investor thinks we should go back again at $435K, and perhaps even increase our offer to $440K, with seller's exclusions. I think getting back with a counter would just embolden this seller's delusional mindset, and it irritates me to even consider increasing our offer under these facts. I don't think it would hurt to seller stew a bit as he languishes at his $499K, hopefully regretting his reaction a bit, before we counter back.
Random
Footballguy
So one of you wants to counter now, the other wants to wait? I have made plenty of offers and counters and been rejected only to hear back months later that the seller wants to accept my offer. Just sit tight where you are comfortable and if they want to sell at your price you get the property. Remove all emotion.
Years ago my agent had a listing that she couldn't sell because the property was owned by hoarders. Literally, paths through the house around the piles of stuff. Old couple had died and the estate went to the kids. They didn't want to deal with cleaning it up. Other than the stuff, it was a nice property. Dated, but nice. It was listed at $65K. She called me a few weeks after listing it and asked if I was interested. We offered $15K. Didn't really want the place, but at that price we would take it. The offer was rejected, but 6+ months later they just wanted to sell so they asked if I was still interested. I offered $15K again and they accepted. That place pulls in $1050/mo (2 bed 1 bath and a detached efficiency that rents as a separate unit). Pretty sure the purchase is documented in this thread.
Years ago my agent had a listing that she couldn't sell because the property was owned by hoarders. Literally, paths through the house around the piles of stuff. Old couple had died and the estate went to the kids. They didn't want to deal with cleaning it up. Other than the stuff, it was a nice property. Dated, but nice. It was listed at $65K. She called me a few weeks after listing it and asked if I was interested. We offered $15K. Didn't really want the place, but at that price we would take it. The offer was rejected, but 6+ months later they just wanted to sell so they asked if I was still interested. I offered $15K again and they accepted. That place pulls in $1050/mo (2 bed 1 bath and a detached efficiency that rents as a separate unit). Pretty sure the purchase is documented in this thread.
BigJim®
Footballguy
Yeah, that's the gist... difference of opinion on approaching what we both agree was a ridiculous counter from an overpriced seller. We'd still like to target $450-$460K, and unsure if being eager beavers with a re-counter or letting him stew is the best way to accomplish that. Adding a bit more detail, this is a lake cabin, and the listing has made it through what I imagine are seller's important months for cabin shoppers in Minnesota... April-June. I have to think that market will get slower as we approach fall, as it will not be a buyer base thinking how great it would be to have a summer cabin in 2016. Right now the soonest it would close is right about when a purchaser will need to take docks out of a lake and close up shop until 2017.
I like your approach on the property you got. It's hard for a novice to fight through emotions, in particular the fear of losing out to another buyer, but I just feel like a seller who is reaching for the stars needs to be disabused. I actually like our chances of getting this property better with a restrained approach than an eager one, under our facts.
Zegras11
Footballguy
So what are the comps at? That will tell you what it's worth. Print those off and send them in with your offer to justify your offer price.
BigJim®
Footballguy
Right or wrong, our agent has said he doesn't think there are comps for this property because of it's uniqueness. It's got 3 main structures on a large 2.5x lot, which would not be allowed under current regulations. Surrounding 1x cabin lots are going around <> $175K. We think this property would appeal to the 'rustic family compound' buyer, but not to the typical $500K buyers looking for a new pine-sided mansion cabin with picture window, chefs kitchen and all the amenities typical of a seasonal cabin in that price range. This property still has harvest brown appliances in the 3 structures and well water, so it's really hard to compare this property to those newer builds - which are the only other type in this price range.
ETA: Also FWIW, the multi-structure oddity of this property forced us to different lending (5/1 ARM) as banks cannot get multi-structure into conventional 30 year loan types (multi structure ineligible for Freddie/Fanny loans). So, it is not even apples/apples with other $500K listings because a financing buyer must pay monthly payments akin to $575K purchase in a conventional 30-year fixed loan.
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Zegras11
Footballguy
that makes sense. hate it when there are no good comps... I would come back a little higher... I'm not a fan of coming back at the same price.
Or come back with your best and final and tell them that.
BigJim®
Footballguy
So does timing of the counter matter with an adamant overpriced seller? I'm being too emotional thinking we are rewarding his dooshiness with any price movement... essentially negotiating against ourselves as he stands pat?
Zegras11
Footballguy
I'm always a fan of responding right away. Because you never know when another offer might come in. Last summer, I had a buyer offer $152 on a nice cabin with 20 acres in Cascade, ID. It was listed at 170. The seller countered back at 165. While my client was deciding a 170 offer came in and we lost. The land was worth 170! He's still kicking himself. The property had been on the market like 210 days.
Random
Footballguy
Hard to say. I kinda like the firm and final offer counter. Let him think he "won". If he doesn't accept now, he knows where you stand if he doesn't get a better offer.
ghostguy123
Footballguy
Timmay
Footballguy
Any disadvantages of buying a rental property directly next door or on the same street as your primary residence?
The house next door is a 3 br-2 ba single family home. My neighbor is pushing her 80's, and mentioned a few times to me, that she was going to be looking to sell in the next couple of years and moving into a condo. She is the sole owner. I could see her kids being tough sellers, if something was to happen to her, but I think she would be a pleasant seller. I love the street and houses aren't going for all that much as they are older homes (built in the 50's). I could see the house needing about 20k of work before being ready to rent out. Close to schools, restaurants and a big city about 10 minutes away.
Obvious perks: close proximity for repairs, maintenance, etc.
Obvious disadvantages: if tenant is a pain in the butt, constantly bothering you?
The house next door is a 3 br-2 ba single family home. My neighbor is pushing her 80's, and mentioned a few times to me, that she was going to be looking to sell in the next couple of years and moving into a condo. She is the sole owner. I could see her kids being tough sellers, if something was to happen to her, but I think she would be a pleasant seller. I love the street and houses aren't going for all that much as they are older homes (built in the 50's). I could see the house needing about 20k of work before being ready to rent out. Close to schools, restaurants and a big city about 10 minutes away.
Obvious perks: close proximity for repairs, maintenance, etc.
Obvious disadvantages: if tenant is a pain in the butt, constantly bothering you?
Zegras11
Footballguy
Screen tenant well and you will be fine. If this is first investment, I think its a good idea to have it close. After you are comfortable, then you can branch out any buy more.
BigJim®
Footballguy
No, we really like the opportunity but there is no way we will pay the twice reduced list price seller seems stuck on. If someone else does, so be it. The question is whether there is a best approach getting an overpriced seller to budge.ghostguy123 said:
One last question re: the pocketed hail claim... last thing I want to do is create another barrier but I've done some poking around and it sounds like there is some risk our prospective insurer could pull a CLUE report (Comprehensive Loss Underwriting Exchange), and deny covering us unless we make repairs seller pocketed claim money concerning within 30 days (on our own dime). I get seller's perspective; he just installed new gutters and some siding in 2015 and views hail damage as cosmetic (his ad says new gutters). Anyone know whether this is a real or unlikely risk?
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Mike Anderson
Footballguy
I personally LOVE buying property in a run. If you get 3 in a row, you get to build a Hotel. I think that is how the game is played.
Real answer, my first purchase was a duplex where I lived in half of it. Living next to tenants is easy. Basically, be clear in your expectations, and don't be an ######. Set boundaries. People are basically decent. Pull their credit, run their criminal record. Screen like you have never screened, you have your personal sanity to take into account. An Empty unit is ALWAYS better than a bad tenant, certainly when they live next store. It is what it is. Set expectations, and hold them accountable without being a jerk. That might sound tough, but if you have children, you get it. Just screen the hell out of them, and be decent and you will be fine. Buy everything around you that you can.
Controlling who lives next to you is spectacular.
Random
Footballguy
Holy Crap. Mike Anderson is back!! Dude, you helped me tremendously and 10 years later I just want to say thanks!
And I've possibly come across an incredible opportunity to go from 20 units to 60 units. One of our local LL's is looking to retire (at 70) and wants to liquidate his 20 properties (40 units) 2 per year. While I'm open to that, I may propose we take over all of them now if he wants to owner finance. Anyone know how the taxes work (for him and me) if owner financing is involved? Very early stages of looking into this (I spoke with him a few weeks ago, and he ran into my brother at Menards today and gave him his hand written property list).
And I've possibly come across an incredible opportunity to go from 20 units to 60 units. One of our local LL's is looking to retire (at 70) and wants to liquidate his 20 properties (40 units) 2 per year. While I'm open to that, I may propose we take over all of them now if he wants to owner finance. Anyone know how the taxes work (for him and me) if owner financing is involved? Very early stages of looking into this (I spoke with him a few weeks ago, and he ran into my brother at Menards today and gave him his hand written property list).
Rattle and Hum
Footballguy
If they all owned by the same LLC it might be easier to buy that entire LLC from him. He would likely pay taxes based on his cost basis and selling price via "installment sale method". See a CPA first, of course.
Random
Footballguy
Just scored this. Bottom will rent for 575 top 525. We will have 3-5k (and about a 1-2 months) of rehab on this. Also comes with a 1.5 car detached garage (alley access) that we will use for our materials storage.
http://www.zillow.com/homedetails/120-Mound-St-Sidney-OH-45365/2099822885_zpid/
http://www.zillow.com/homedetails/120-Mound-St-Sidney-OH-45365/2099822885_zpid/
Man in the yellow hat
Footballguy
Seems like a good place to ask this question.
We bought our house about 12 years ago for 190,000. It's a nothing fancy 3 bedroom ranch. We've been updating things as we've gone along, so we've built some solid equity. For reference, neighbors right across from us just sold a similar house for $263,000. Houses don't last long at this price range in our area. Anything new going up in town is $400,000+.
The issue we have now is the bathroom situation. We have three sons, ages 12, 12, and 8. With no master bathroom, we're struggling in the morning trying to get everyone in and out of the shower/bathroom. We have a 1/2 bath in the finished basement. The twins are currently sharing a room, but I have a feeling they'll want a little more privacy soon.
So, here's what we're weighing.
Option 1. We have a space off the main bedroom and current bathroom area that we could potentially use for expansion. We could add up to 500 more square feet. The thought process here is we push the wall back on the main bedroom and current bathroom. Then add a master bath and walk in closet. Initial high level ballpark from a contractor was $60k. That includes digging the basement. We're in the older section of the sub-division. Newer houses are a few blocks away going for that $350+ number.
Option 2. We sell and move to a house with a master bath and 4th bedroom.
We're on a cul-de-sac currently, and my wife loves the location. Again, we'll be looking at about $350,000 minimum (possible more) for what we would like in our area if we decided to move.
Which way would you go?
We bought our house about 12 years ago for 190,000. It's a nothing fancy 3 bedroom ranch. We've been updating things as we've gone along, so we've built some solid equity. For reference, neighbors right across from us just sold a similar house for $263,000. Houses don't last long at this price range in our area. Anything new going up in town is $400,000+.
The issue we have now is the bathroom situation. We have three sons, ages 12, 12, and 8. With no master bathroom, we're struggling in the morning trying to get everyone in and out of the shower/bathroom. We have a 1/2 bath in the finished basement. The twins are currently sharing a room, but I have a feeling they'll want a little more privacy soon.
So, here's what we're weighing.
Option 1. We have a space off the main bedroom and current bathroom area that we could potentially use for expansion. We could add up to 500 more square feet. The thought process here is we push the wall back on the main bedroom and current bathroom. Then add a master bath and walk in closet. Initial high level ballpark from a contractor was $60k. That includes digging the basement. We're in the older section of the sub-division. Newer houses are a few blocks away going for that $350+ number.
Option 2. We sell and move to a house with a master bath and 4th bedroom.
We're on a cul-de-sac currently, and my wife loves the location. Again, we'll be looking at about $350,000 minimum (possible more) for what we would like in our area if we decided to move.
Which way would you go?
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Zegras11
Footballguy
Looks like you'd pay at least $87,000 more to move (plus about $15k for selling /moving expenses). Your wife loves current location and you have the room to expand. I'd stay and do that.
BigJim®
Footballguy
Update on this, we did counter within 7 days, upping our offer $10K and removing our ask for docks. Seller didn't even respond, and his listing is still active and currently at 331 days on the market, still at the same ask price.
pantherclub
Footballguy
How am i just now noticing this thread?
Random
Footballguy
So accurate.
BigJim®
Footballguy
We're currently living in a great home that we've improved significantly since a 2001 purchase, but we found another listing that is somewhat a dream home. We will not sell the current home to make it work, because we won't risk losing it. We have enough liquid funds to either pay off the current home or make a down payment on the dream home, but not both. I've been doing some researching online and am curious if anyone have experience with a bridge loan, 401K loan or home equity loan to solve that sort of dilemma? I have excellent credit and no credit card, auto or other debts beside the current mortgage.
Dragons
Delusions of Grandeur
Can you afford both payments until the old house sells? If so, then Home Equity Loan on your current house for the down payment on the new house seems to be a no-brainer here. 401k loan is also a solid option, but the Home Equity will get paid off with the sale, whereas you have to make a deliberate effort to pay off the 401k loan. With your current debt situation, it sounds like you're responsible enough that it doesn't make difference.
Chemical X
Footballguy
are you going to sell your current primary to move? I don't see the need for a loan here.........
