Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
Deciding what should i do with my first investment property
Hey guys If you were me which would you choose:
Option #1 : 5bed/3bath condo
-Morgage payment $2917 monthly
- Hoa $620 monthly
Home warranty insurance $100 monthly
Total : 3637 monthly
-Condo bought at $660k as a 3 bed 3 bath and now added to extra bed rooms
- I Will wait 2 years to sell i have no idea what the property is worth yet so im waiting until then
Option 2 : Rent upstairs , 3bed 2 bath for $2300. Rent down stairs 2 bed 1 bath $1800 both have separate entrances and kitchens
Total : $4100
Pay morgage $2917
Minus $620 hoa monthly
Brings us to :$563 left for cash flow
Will move soon property manager charges %10 of each unit
10% percent of 2300 upstairs =$230
10% percent of 1800 downstairs = $180
In total : $230+$180=410
Subtracting from cash flow for property manager and insurance will be $53 cash flow
No property manger and mangage over seas : $463 cash flow
Any advice ?thank you in advance !! 🙏🏾