All Forum Posts by: Alex Clift

Hi BP.  Newbie from Hoboken NJ.  Love all of the info on BP.

Would love some thoughts on a condo I bought last April.

Purchase price:  $505k

3 bed 2 bath

I put $125k down

Mortgage/Taxes/Insurance/Maintenance:  $3000

Currently rented for $3400.  Could probable get $3600 when the lease expires in July.

Real estate agent thinks I could get $615 for it now as the market is hot for 3 bedroom condos in my town.

While the condo as appreciated quite a bit in just a year, it's not a great return for the amount I had to put down.  The mortgage is a 30 year fixed at 5%.  It's not backed by fannie due to local condo rules so I can't refi for a better rate.

I'm happy that's it's appreciated but torn on what to do?  Do I keep it?  Sell?  Roll it into another deal?

Thanks