Rental Property San Diego
Good evening BP!,
Just wanted to pose a question to anyone. I am very new to real estate and have done a lot of reading and research but no real experience. My wife and I are moving from San Diego to overseas. We are deciding on whether to rent or sell.
We may be able to get rent above our mortgage but with PM fees and some 7% franchise tax for non residents in CA I wasn’t aware of on rental income, we will be coming out of pocket to keep this home.
Will someone be paying my mortgage? YES! Will I have positive cash flow? NO! Will I have a money in reserve for expenses that come with renting? NO! So I will be coming out of pocket for everything Except the fact that I will be building equity. Basically with PM fees and Franchise tax we will be coming out of pocket 450 bucks a month. Is it worth it in the long run or do we cut and run while the market is hot?
Feedback welcome!
Matt