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Updated 3 months ago on . Most recent reply
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House Hacked my First Rental property - stuck on next best move
Bought my fist property in 2022,PITI + HOA at the time was 2200, based the market and renovations i believed i could get 2400-2500 for the property, which i did get 2500 the first year. I am now in my 2nd year of trying to lease out the property and I might have to rent it out for 2000-2200(approaching two months on the market)based on a saturated market, also my PITI has risen to 2320. I originally lived in it for a year, while if fixed it up so i only had to put 5% down + closing costs(25,000), and the property has appreciated 8% over the past two years(20,000) but not sure if i should rent it at a loss and structure the lease so i am in a more favorable leasing cycle, or plan to sell it. I can afford taking a loss on it in the short term, but am looking to refinance the property in the next 5 years when interest come down, however im at 5% rn so i would have to get closer to 3% for the cash flow to be better. Long term i would look to 1031 the property into either my primiary residence when i start a family(i rent now) or a better deal.