All Forum Posts by: Alissa Rodman

Thank you, Ryan for your input. I think renting a room is a good idea short-term if I choose to live in it any longer. I have decided not to sell at this time. It just would not make sense right now.

I have the option of moving in with relative in west Texas and work over there when dental offices are allowed to reopen. What I would really prefer is find a tenant for the whole house this Summer and then I go to west Texas and live for free while saving a lot more money than I would by staying in my house for another year. That way, next year I'll be in a better position financially to purchase a second home in that market rather than Austin area.

What are your thoughts on that?

Thank you in advance,

Alissa

@lindaosborn

Thank you so much for taking the time to reply to my post. I really appreciate you doing some math for me and giving me your insight on this. I have been relying on unemployment benefits to help keep my head above water. I opt out of forbearance option due to affects on my ability to get another loan later and potentially impact my credit in a negative way. It would be extremely helpful for me to have someone sit down and with me and go over different scenarios and consequences with either decision: Sell, stay put or hold and rent. The latter is what I'd prefer. I am not aware of tax benefits of each scenario.

Time is not on my side if I want to sell any time in the near future.

Thanks again, 

Alissa

Thank you for you replies. I am on the fence about selling. Realizing housing markets will be hit in a few months to maybe even a couple of years, I believe prices will eventually return to normal. 

I just don't like paying such a high mortgage payment of $1700 every month in a house that is 1,450 sq ft. I bought it as rookie investor hoping to rent it long term. But, may only be able to get $1,500/month for rent. I was hoping to keep it long term and benefit from appreciation and rents rising. 

With things so unpredictable right now, I'm not sure if I should go ahead and sell it now while I can or hold out and see where things go with the housing market in the future. 

If I sell it (or rent it, for that matter) I'll be either sharing rent with a roommate or live for free with a family member. I'll be able to save more money and be able to buy smarter next time.

I asked Paul Moore this same question on the Bigger Pockets Live video Q&A this morning on YouTube. His response was good but not solid. You can see and hear his response in the video at 51:36.

What would you do in my situation right now? @AaronK

Thanks again guys!

Alissa Rodman

Hi,

I am in process of putting my primary residence on the market for sale. I bought it 3/2018 as owner-occupied property as my first investment property.  It will not cashflow any time soon so I'm thinking I should just sell it instead of renting it out. 

How will selling it affect my credit score? 

Bought with USDA loan. New build. Purchase price $206,000. I owe $201,000. 1,444 square feet. My mortgage is close to $1,700.00.

Thanks in advance,

Alissa

@Todd Goedeke, they rent for about $25- $40 per night.

@MarianSmith Thank you so much for your reply. I think staying put is what I'll do. With this home being a new build, problems and repairs shouldn't be an issue for several years. 

There is a house across the street from me that is same floorplan as mine that is for lease. They are asking $1625/month. 

This is the first house I have ever bought. I think in 20 years I  would regret selling it. So. I plan to keep it.

Thanks again!

Alissa

Thank you all for your expert opinions. I appreciate you taking the time to comment on my post. 

I have thought about refinancing so payments can be lower, but if I want to purchase second property fairly soon I'm not sure getting into refi situation would be wise. 

I think I'll just stay put until I figure out what my next move will be.

@Davidivy, my original loan is $208,287. I now owe $203,600. Monthly mortgage payments are $1,656. I may be able to rent for $1,550. Home is one story, 1,440 sq ft.

Alissa

Hi all. I'm new to investing. Bought my first home, built 2018 in Round Rock TX (AUSTIN area). My intention was to buy, live in for one year, buy second home and rent this one. And continue until I could no longer use FHA loans (only use USDA once). I thought by going with USDA loan I would save money by not having to put much down on it. However, my mortgage payment is more than I could feasibly rent it for at this time and is not in cash flow situation.

In the near future I could probably rent out for the same amount my mortgage is and break even. My hope is that it will eventually cash flow because 2 miles from Kalahari Resort set to open Nov 2020 and other new developments in my area. 

I'm not sure if I should just sell and start over with FHA loan or be patient and see how market goes. I got the MCC program, too. So, if I sell before 9 years, I'll have to pay capital gains.

I feel stuck here because I'm having difficulty saving up for next house. This home is also in HOA subdivision which I really wanted to avoid, but my real estate agent said this would be a great investment property. So, i trusted her.

Getting into real estate investing is my plan for retirement and giving to my children when I'm gone. I'm 46 years old already and I don't feel like I'm off to a very good start.

What are your expert opinions? What would you do, as an investor, in my situation?

Thank you for reading.

Alissa

Thank you @Dan Burstain! I appreciate that. I need to wait a bit for my credit to improve some more. I am very close to being above 700 mark. I am anxious to get started!

Thanks, @Jay Hinrichs. Would I be able to go FHA after using a USDA loan on first property if I owner-occupied the second property for a year, as well?