All Forum Posts by: Eric Cozby

Thanks for all the great insights. For reference, it's a SFH, 3/2 with 1550 sq. feet in NE Cape.

@Corey Morrison
Hadn't really considered a lease option. Can that work with a mortgage on the property? It's not in a flood zone, from the new FEMA maps I can't see a designation for it.

I would be subject to capital gains since I've only lived in it 15 out of the 24 months.

@Adam Bartomeo
Would be great to discuss some possibilities.  I would be more inclined to rent if I was confident I could cover the costs plus assessment with future rent growth.  I think the $2200-2400 range would cover it.

Hello BP Community,

I currently own my primary home in Cape Coral and I am considering either selling or renting the property.   I bought the house before it was built, it was finished and closed in March 2022, and I have lived here since then.  It has appreciated considerably from the purchase price.

Monthly rent is estimated to be around $2000 per month, and after running the numbers through the BP Rental calculator, this will give me approx. $200 per month cash flow.  However, the city will be expanding utilities into this area in the near future, and will be assessing each property approx $35K to be paid over 30 years at 6% interest

Or I can sell it.  Purchased at $202K, current market value is roughly $300K.

Thoughts?   I appreciate the input.

Dennis, welcome to the area and to BP

https://nbc-2.com/news/local/l...

The city council is considering a halt to new self storage facilities until January 2024

Looking at STR in the city of Cleveland and researching rules and regs. I have found some info that it is allowed up to 91 days a year in residential-zoned areas. Is this accurate?

Also have read about HB 563, if passed this could limit local regulation of STR.

This is why diversification is important.  Roth accounts allow you to hedge against higher taxes in the future (more likely than not, in my opinion), and RE investment can help save taxes now, while still providing income now and into the future.

RE is part of my retirement plan, but so are IRAs and 401Ks.

As a side note, I had a professor during my freshman year of college (a financial planner) who recommended we save for retirement as if Social Security was not going to be there for us.  That's something I have never forgotten.

@Justin Knighten

The one thing I don't like about Google voice is that when it forwards to my cell phones it shows my GV number and not the caller's number.

I use an app called iPlum and like it a lot. It's an inexpensive alternative.

-Eric

Anyone investing in Albany, NY from out of state?  Interested to know your thoughts and experiences.  I'm in southwest Florida and looking at this market.

Thanks,

Eric

Great to meet so many local real estate investors.

@Jeff Tumbarello - I had visited this area some years ago when I had family here.  I wanted to get away from the winters in Nashville (mild in comparison to some places but winters still get cold with some snow).  I lived my early years in southern California so living near the coast is great.  I currently work full time but have my foot in the door with the one rental I have in Nashville and am hoping to expand in this market.

@Mike Strelser - sounds like a great property.  I'm still working through my finances and getting them in order, so not at the point where I can buy just yet but will be ready in the near future I hope.

@Adam Bartomeo - thanks for the welcome.  BP is such a great resource for investors at every stage.  Do you primarily invest in the Cape Coral area?

Hi Kamil, that would be great.  Thanks for the welcome.  Lehigh is an area that I'm interested in.