All Forum Posts by: Andrew Oddo

Currently yes. I'm figuring Ill hire a property manager when I leave so ill have to pay them around 10%. I don't think I want to worry about managing the home from another state on my own.

0 Votes

Originally posted by @Doug Spence:

@Greg H. Your concerns are valid, but easily mitigated with some reserves set aside, or even a home warranty to cover big ticket items (all buy-and-hold investors should have reserves set aside for their properties). If @Andrew Oddo can cash flow the Texas home - I'm still not sure if he can as I haven't seen what it can rent for and what his expenses would be - then it makes sense to keep it in my opinion. Texas is a strong market, and chances are the home will increase his net worth by a fair amount over the next 5-10 years if he keeps it.

So what are the numbers on the Texas property as a rental @Andrew Oddo ?

My mortgage is $855/ mo. Currently I'm bringing in around $1200 monthly renting out the other two rooms. I imagine I can rent the whole place for about the same, maybe a bit more.

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Originally posted by @Greg H.:

I am going to take the opposing view. I cannot tell you how many times over the years I have seen soldiers get wiped out on these type of deals. Unless you have a large reserve account to take care of large repairs and vacancies, sell the property. What would you do if you had a 2 month vacancy? Had to spend $5000 on a new a/c? Even little items can add up. Any profit you make is tax free so take the profit and run

I hear you on this. Some more details, the home in Texas is a 3 bedroom 1500 sqft built in 2011. Ive had virtually no problems since Ive owned the home, and I only owe ablut $91,500 on the property. Taking profits selling looks appealing, but I'm not sure if costs of selling are worth it, especially if the market continues to go up where I am. I'm currently searching for VA loan lenders in San Diego and looking to buy a triplex or fourplex in the area with no money down. It could be a great situation living in the smallest unit and renting the others.

1 Vote

Hello, I bought my first home in texas just about 2 years ago, a 2011 built 3 bedroom 1500sqft home for 124k. I owe about 91,500 on the home now and it's worth around 140-160k now. I'm on military orders to move to San Diego at the end if june. Ive been debating selling the house in texas and trying to buy in CA. however I'm having second thoughts about selling now. I already have a buyer (current tenant) and we agreed on a sale price of 152,000. However this is my first time selling a home and I know there will be other costs involved with selling the house. I'm wondering if its better to just keep the house in texas and rent it, out or sell the house with the intent of buying in CA (but san diego is very expensive). I'll only be in CA for two years so maybe its better to just rent a small studio during my time there and keep my house in texas. Any advice is appreciated. Thank you

2 Votes

All Forum Posts by: Andrew Oddo

Andrew Oddo has started 1 posts and replied 4 times.

Post: Should I sell my house or rent it out before moving?

Post: Should I sell my house or rent it out before moving?

Post: Should I sell my house or rent it out before moving?

Post: Should I sell my house or rent it out before moving?