Quote from @Christine I.:
Two bedroom, two bath condo in Ventura, CA. Paid cash for it in 2009. Great location. It was trashed by tenant not to mention old and outdated (built 1965). HOA fee will be $470/month. 1180 Square feet. I've spent approx. $60K on complete rehab and update that will be completed in 2 weeks.
Projected rent is $2,400.
It has been appraised at $420k but is worth more now after rehab plus prices have gone up since appraisal was done. $460k is realistic.
If I sold I have a stepped up basis so would only pay taxes on anything above $420k. Honestly not sure what I would do with the money-I know that's a nice problem to have.
If I keep it I have a very high HOA that cuts into my profit.
I'm hoping for constructive comments to help me make a final decision here.
Hi Christine! Have you thought about doing short term or mid term rentals on this unit? You could get much better cash flow, plus you get to keep the property because I am sure its going to just keep increasing in value. I live in Oxnard, work in Ventura. Happy to chat anytime! I am no pre, in fact I am a newbie investor, but happy to talk real estate any time with anyone! :)
