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Updated about 11 hours ago on . Most recent reply

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Will Quinn
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Florida Condo double down or get out

Will Quinn
Posted

Looking for some thoughts, on paying off a rental condo in Naples Florida.

The Background

I have a condo in Naples Florida 1 bed 1 bath. I bought it in 2022 for 180,000, and currently I owe 138,000 on the mortgage at 6.125% and escrow are insurance are 1103 a month. Hoa is 533 a month. I did a couple years renting it for high season and low season. Basically getting 1,000-3000 a year cashflow. Went over to a long term renter 1700 a month, great tenant so far past two years, cashflow almost even to 500 after minor repairs.

I have a second vacation home that I rent out 9 months and use for 3 months, the rent is pretty low for the off months so let’s say I spend 1000 a month to keep this property up after all expenses.

I have some cash and am running with the idea to pay off the Naples property to try and completely offset the vacation home. But I’m concerned with the market the property has lost value down to an estimate of 168,000 and hoas have gone up with insurance. Do I go find another property somewhere else to get my cashflow or just sink it in this property?

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