Hello,
I am in a relatively unique position and wondering the most appropriate steps/strategies to deploy. I have two properties, a condo in Boulder, CO that's free and clear and rented out to phenomenal tenants for the next two years. Appraised at 505k, the HOA fee is outrageous and I have a great property manager but she isn't cheap and I am cash flowing around $2000 a month. I also have a home in Las Vegas in a 55 and up community which is likewise rented out for two plus years and with very conservative cap ex and maintenance projections, it'll essentially break even. There's about 140k in equity in it and it has a 3.7% fixed mortgage rate.
I am an attorney and the goal is to leave the law or just move to a career where I take a paycut but have more time to immerse myself in real estate. My question is considering the above, what strategies exist that would allow me to leverage the free and clear condo such that I am expanding my portfolio, or am I kind of stuck in a holding pattern of waiting until these existing leases expire, and then potentially selling the properties? I also have around 100k of capital I could deploy, whether it be in a syndicate or some other fashion. Cash flow positive properties I know are always the goal, but in the current lending climate and with the hours I work I need really hands on property management to be as passive as possible. Curious what strategies are out there and some suggestions on my next move, any advice is appreciative.
