All Forum Posts by: Austin Fowler

Thank you all for the advice. I have gotten a lot of responses here and elsewhere and I have decided to keep the property and rent it. Long term focus is what will make this so so worth it. 

Hello all. I have owned a duplex since 2021 and have lived in one half and rented the other. I have ~$100k in equity and have a 3.2% interest rate. Mortgage is $1700, other unit is rented for $1250 but could be rented for $1500. The unit I am moving out of can rent for $1700. Those figures are based on market data and info I received from a property manager who toured the property. I am a block away from a university.

Here is the dilema. I have $50K in debt with a payment of about $1220 in a consolidation loan that will be payed off in 3 years. If I sell, I pay off the debt, lose the asset, and have no more monthly income from the property but I would be DEBT FREE, which is very enticing. On the flip side, if I keep the property and rent for the above values, I would be paying off the debt every month from the income, essentially making me debt free due to the payments being covered, and I keep the asset, which will start cash flowing a lot once debt is gone. 

I have moved out and could literally put a tenant upstairs NOW.

What would YOU do?     

@Patrick Winn how do you determine your rehab costs? When you tour the home do you take a contractor with you who gives you a quote? I'm new to this but your above stated deal is very appealing.

Vancouver would be ideal, the only problem I find is affordable multi-families are either scarce or in a crappy neighborhood. Hopefully, something good comes across my plate soon. I'll have to look into Yamhill and see what is available.

I am also baffled on how people think that more taxes to fix the same problems are going to work. I guess people like having smaller paychecks? Thanks for the input!

I would like to eventually invest out of state, but for now, I need to get out of renting. The HCOL here is unbelievable so I will definitely be doing more research to find a better deal here. Thanks for the insight!

Hello Bigger Pockets community,

I am a new investor who has become addicted to the pursuit of financial freedom through real estate. I am from Bountiful, Utah but I currently work and reside in Gresham, Oregon and I am renting an apartment for the time being (unfortunately). My plan is to house hack as soon as possible, preferably with a duplex in Vancouver, WA, and then continue on with a strategy focused on rental property acquisition. I am also a veteran so I am fortunate to be able to purchase my first home with no money down which should make this journey really easy to get started. I look forward to connecting with you fellow investors!