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Updated over 2 years ago,

User Stats

10
Posts
1
Votes
David Kirk
1
Votes |
10
Posts

Deciding what should i do with my first investment property

David Kirk
Posted

 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 !! 🙏🏾

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