Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
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 5 years ago on . Most recent reply

User Stats

37
Posts
23
Votes
Andy Freeman
  • Rental Property Investor
  • Orange County, CA
23
Votes |
37
Posts

Rent Out or Sell Dilemma SoCal

Andy Freeman
  • Rental Property Investor
  • Orange County, CA
Posted

I currently have my condo in Costa Mesa/Newport on the market (primary residence), but despite a lot of showings, no offers have come in. I wasn't really thinking of selling initially, but a couple condos in my complex sold for over $900k, and I thought I'd take a shot to see if I could get somewhere close to that. I'm listed at $899k, and don't want to really go lower. I paid $810,000 2 years back, and after paying out closing costs and commissions, I don't stand to make much if I sell for anything below the $899k number I'm at right now. However, I would recoup the dead equity I have in the house, and could likely purchase a couple rental properties using that money. The alternative is to lease it out, and because it's 0.8 miles from the beach, the comps around me actually rent for a decent 4-5k per month. If I can rent it out for $4,500, and my all in number is $4,100 per month, is that enough cash flow to justify holding on to the property? Ideally rent would increase over time, and further appreciation would occur, but there is no guarantee. Also, it's only a few years old, so repairs and maintenance costs should hopefully be held in check. I have a nice chunk saved up to get started with a rental property (location TBD), so I don't need to sell, but I'd love to hear some opinions of those who have been down this path before. This forum has really helped motivate me to not just sit and be complacent with my investment future. Thanks in advance.

Most Popular Reply

User Stats

37
Posts
23
Votes
Andy Freeman
  • Rental Property Investor
  • Orange County, CA
23
Votes |
37
Posts
Andy Freeman
  • Rental Property Investor
  • Orange County, CA
Replied

@Theresa Harris

Haha right, and for my own sanity, I don’t think a couple years would work. It would be great for a few months, to accelerate savings some, and get the ball rolling on some real estate investments, but definitely not a long term option. Thanks for mentioning that.

Loading replies...