All Forum Posts by: Alessandro Grandjacquet

@Joe Facenda @Dave Foster thank you both for the replies. If I were to sell I would be looking to buy 1-2 door in the Glens Falls market in NY. I didn't know about the window of being tax free so it sounds like it would be very beneficial to sell now if that was my plan

@David M. thank you for the reply. 

With a new Tenant I believe it would cash flow around $500/month - regardless of this example, what is a good target of cash flow per month I should keep in mind going forward when looking at properties? Is it a % of the value of the house or just as simple as the most you can get?

As for investment plans, we want to start holding more properties, but in a different area of the country (upstate NY) so I agree that a fresh start might be best. We could probably buy one, maybe two more cheap properties with cash reserves on hand but the influx from this sale would certainly make things easier.

@Stephan K. the unit is 1,200 SF - I received a few quotes in this range when I bought it in '16, I also found them to be a bit high. Also very good to know on the shortage, thanks for the info!

Hello - this is my first post on this forum and I am hoping for some advice for a newcomer.

In 2016 I purchased my first piece of real estate, a condo in Clearwater, FL for $222k.

In early 2018 I relocated to LA for work and was able to rent this condo on short notice to a Tenant for a 3 year term. Two weeks ago I received notice from him that he would be returning home to Japan and breaking his lease at the end of September with 6 months left on the term. I was able to negotiate a 4 month term fee.

My question is do I sell this home (estimated current value of $255-260k with around $160k left that I owe on the mortgage) or do I look to re-rent the property to another tenant. Estimated rent would be $2,100-$2,300/month.

A few things to consider:

1. The HVAC on the unit, although still functioning, is a ticking time bomb and will need to be replaced ASAP ($5-6k cost). Everything else in the unit is less than 4 years old.

2. I am not sure if it matters in this context, but I rented this unit furnished in 2018 and would do so again if I was to re-rent.

3. My wife and I are in the process of leaving LA for upstate NY (where we are from) before moving overseas to Europe for the next few years in December. The conservative part of my brain tells me to get rid of this property as it is one less thing to worry about with all these other things going on.

Basically, I am contemplating whether it is worth holding on to this property with hopes it's value increases like it has over the past 2-3 years or if I sell it for cash flow to put to better use in other real estate ventures. I am interested in trying my first BRRRR but any other tips/ideas for where I can get started would also be highly appreciated!

Thank you!

Alex