Hold & Rent or sell in Savannah
Relocated to Savannah Ga from New England. We purchased a home on WIlmington Island, a very hot housing market area. It has very high liveability scores, high selling homes, and the best schools in the area. We did get a good deal. House listed for $330k, after negotiating we got house for $304k plus seller pay closing. Our MTG is $2000 a month. We purchased a little over six months ago. I want to buy a vacation rental condo on Hilton Head island, SC. I've done the case flow math and am very confident in this area. I am wondering if I should rent out my home for $2600 (avg rent on this island for a home w 4 beds) and lower my expenses by renting myself a condo for $1200 a month so I can stash more money away to buy one of these Vaca condos? Avg sale price of the hhi condo is $155k. They avg $100-200 per night and from talking to other owners there, it is full atleast 70% of the year. That would well more than cover the $1500 MTG pmnt and regime fees. Plus make a healthy profit, which could enable me to buy another unit. Any thoughts on the best way to leverage where I am now to get to this next step? Thank you!