North Florida Newbie Looking for Advice

[Lewis Sharp]

Hello, BP community. My name is Lewis Sharp. I don’t have a real estate background but would love to get started. I recently relocated from Nashville, Tennessee to North Florida. I work as a Nurse Anesthetist but would love to use real estate as an additional income source. Ideally, I’d like to use real estate to step away from anesthesia as my full-time job. I’ve been listening to the Bigger Pockets podcasts and would love to be  a part of this community.

I have one property and was Hopi to get advice on the next best step. I’m sorry if this isn’t the right forum I can repost elsewhere. 

I purchased a Fully renovated, 3/2 1250sqft home in East Nashville, TN thinking we would live there for a while. Unfortunately, had to relocate back to North Florida, 2 years after purchase. I’m wondering if I should continue renting this home or sell. Here are the details:

Purchase with 30 year fixed FHA Loan 3.25% interest rate with PMI in 2016
Price $289,900 & $3,500 down

Current balance $264,517

Rent $2400, Monthly mortgage $1713, $687 Monthly Free Cash Flow. 

I had a realtor in the area say the house should sell between 350-400k at current market. I also am quite sure I could get $2500/month in rent. I currently manage the property myself. Any advice or tips would be greatly appreciated!

Regards,

Lewis



 

[Anthoney Hanks]

@Lewis Sharp Welcome to BiggerPockets! Truly nice to meet you. Good luck going forward! 😁 Sound like you have a win-win situation. Cash flow or equity!!

You talk with your tax person about to do. Our think of 1031 the home into more rental properties closer to you if that is something you want.

Congratulations 🎊🎉