All Forum Posts by: Elmo Duverge

Hi Guy, PB nube

I have been reading up a LOT on this topic and WAS thinking about it. (Thank you PB for the help). now i didn't want to star a new thread so here's my question. if i were to pay down my principal mtg a bit faster and sold my property for around the same amount that i got it. say i got my property at $150,000 and put down 5K towards the principal, when i sell it will i get more money in the end?

Also how do i got about amending the lease 

I currently own a single family 5 bed 3 bath property in Greenacers Fl. Last year I moved from FL to GA, and leased (as I was not sure if I would stay in GA or return to FL) my house to a tenant for $2450. per month, since that was the going price for properties similar to mine. The rent does not include HOA fees, pest control nor lawn maintenance.

I had no experience with real estate management at the time. I recently received a mortgage increase from my bank which brings my current monthly expenses on the house to $3000.00  After running the rent analysis on the property, I found that I am renting for less than 1% of the cost of the property. With the current rent minus monthly expenses, my out of pocket expenses is actually close to $600 per month. 

I am trying to decide at this time what is the best option to at least break even. Sell the property or increase the rent to break even. I figure if I increase the rent to break even with monthly expenses, I will risk either losing my tenant or having to advertise the rental property for more than the median rate. My current tenant has expressed interest in buying. With that being said, selling seems to be the best choice. However, I am not sure, and would like some advise on what you think would be the best option for my situation.

Sell by owner - to avoid realtor fees

Raise the rent

Rent to the current tenant with option to buy

Please help!!!!!

Thanks all. i am not a "handy man" but a useful person and like networking with anyone to produce a win win solution. currently I am helping a security system installation company expand there business from new down to GA and FL. i am currently looking for a 3 or 4 bed 2.5 bath w basement property with in my area. 

Hi All, my name is Elmo Duverge and I am new to PB. I have been listening to a GOOD amount of podcasts and and really excited to get started in real estate. Mainly in multi family units and HUD. And if I can help anyone out in any way let me know. I do HVAC and fix all types of appliances.