Updated over 7 years ago on . Most recent reply
First property and I already have some options...
Hello!
I recently purchased a condo in Denver, and I already have some options to make some more moves, but I am curious what the experienced investors would have to say
Some facts to help:
Mortgage: 198k, 1,500 Per month with HOA, 5% interest rate
Income: 50k per year, 2nd room rents for $900 Per month
Options:
1) Continue to live in the condo, rent out the room for $900, work, get up the corporate ladder to get a bigger income hopefully.
2) Move to Phoenix to either stay corporate or teach with summers wide open to make more cash/develop skill to help manage properties, with opportunity to live rent free, rent out my whole condo in denver, income stays at $50k with potential upside of ~60k
I feel like either way moving out to phoenix is the better option, are there any numbers I am leaving out to consider? Property Manager would be a must. Any advice on which route to go?