Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 9 years ago,
Maybe a silly question about my first potential rental
Hi all, we (my wife and I) recently purchased our first property in Southern Ca. It's a 2/2 condo that fit our budget at the time of purchase. The goal was not to offer this unit for rent for a few years (read 3-5). We planned to save the down for another house over that time and rent out this property when we moved. That being said, we didn't save on the purchase, we paid fair market. If we had to sell now, we would break even, maybe walk away with 3-5k in our pocket. Things have taken a major swing for the better in our lives and we are now looking to move less than a year after we purchased. I still want to stick to my original buy and hold strategy and rent out the unit because I expect it to be cash flow positive after 3-4 years.
Summation of facts:
-Bought condo for residence 7 mos ago
-Will rent apartment in 3-6 mos and put condo for rent
-Condo currently cash flows negative because I paid market value with little $$ down.
-Want to purchase second rental property while living in apartment
Should I aggressively pay down balance on condo to create positive cash flow sooner, then look for other properties?
-or-
Should I look for other properties to get additional units working for me and not worry about this first unit?
My end goal is $15k-$20k monthly net rental income by retirement (15-20yrs)