Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 11 years ago on . Most recent reply

User Stats

104
Posts
13
Votes
Christian Lincoln
  • Contractor
  • new paltz, NY
13
Votes |
104
Posts

should i stay or should i go now...

Christian Lincoln
  • Contractor
  • new paltz, NY
Posted

hey gang in lieu of a mentor, can I pose a question? which you may answer with a question or just vote on. (Kind of like playing chess this real estate stuff espec. when life variables shift.)

I have a house (was/is mine, totally renovated with TLC) worth @ 400k..maybe 250k left on mortgage. It breaks even barely (200 short) of mortgage. It's in a vacation area so I could make more doing short term rental. I'm guessing closer to 2,500 a month on average w/t vacancy %. (i would even gross 2,400 if I lived in it with 2 roommates.) Do I:

1. kick reliable long-term tenants out. switch to short-term rentals? (close enough to do changeover or hire housekeeper). I'm not so busy I can't manage a bit.

2. keep longterm tenants - call it very long term investment.

3. sell and invest in higher R.O.I. property?

goals: enough income to write full-time.

p.s. my other investment property breaks even as well. cash+400

thank you!!!! friends.

Loading replies...