Skip to content
×
PRO
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
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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 about 5 years ago,

User Stats

5
Posts
6
Votes
Frank G.
  • Investor
  • Manassas, VA
6
Votes |
5
Posts

What next when I move away from where I currently have property?

Frank G.
  • Investor
  • Manassas, VA
Posted

Hello BP community, I'm panning a move away from the area where I currently have invested and I am trying to figure out what to do with my rental property that I have had for about 6 years now. The questions I am struggling to answer are: should I sell the property, contract a property manager, or continue to manage without? Should I try for a cash out refinance or leave as is?

Realtor recommended I hold onto it as long a possible if I can as the area is appreciating well, but not sure if I can/should since I think the numbers are pretty tight as far as handling the addition of management fees and and future potential reductions in rent.

I would use the cash out for improvements needed to the property and investing in new opertunities.

I have included some additional details on my specific situation and would love your thoughts or anything I may be missing.

Property type: single family townhouse

Current valuation from realtor: $270,000

Mortgage Ballance: $172,000

Current Interest rate: 4.75%

Current P&I: $1020.00 / mo

Escrow payment: $308.00/mo

HOA: $59.00/mo

Rent: $1750.00/mo

Cash out refinance Estimate:

New mortgage: $202,500.00

Interest Rate: 4.624

New P&I: $1041.00

Fees/costs for new loan: $2,300.00

Estimated cash out: $28,000.00

Thanks again!