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Updated about 5 years ago,

User Stats

30
Posts
16
Votes
Joseph Bass
  • Rental Property Investor
  • Chattanooga, TN
16
Votes |
30
Posts

Should I sell my first rental?

Joseph Bass
  • Rental Property Investor
  • Chattanooga, TN
Posted

my first rental in Chattanooga

Bad

Constant maintenance issues

Capex (roof right around the corner/old ac unit)

Has yet to cash flow broke even maybe even gone negative since ownership

Good

2014=63k 2019=100-110k

New sports Stadium going up down the road with restaurants and lodging

Mortgage=512 with escrow

Rent= 895

The way I see it after fees and closing I could get 35k out of a sale

Refi scares me with it not even cash flowing now

10% pm

10% capex

8% maintenance

7% vacancies

=35% of 895

313.25 operating expenses plus 512 mortgage and escrow

825 = 70 month cash flow over time

70x12= $840 annual

840$annual vs 35000sale that’s 2.4% on my money.

Am I doing this right? Please help cause if it is I’m thinking I should sale what do y’all think?

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