All Forum Posts by: Holly Nielsen

Also--thanks all for the great insights--definitely helping me think this through!

@James Wise Yeah, that is where I'm coming from with it. Good points you make here. To throw wrench in things, we found out they are building some low income housing a block from our house, which I am not sure what will do to the neighborhood and our ability to rent it for rates we need to maintain cash flow.

@Brent Coombs good question! 

@Steve Vaughan yes finding a good PM is difficult!! Not emotionally attached to the house at all (not really the sentimental type), but still don't want it trashed due to laissez faire management. And we're not at the point where $10K is no biggie-- we will be there eventually, but not yet :)

@Robert Schumacher That is ultimately what we would like to do! This initial property was not bought with that in mind. It was bought before I really learned anything about REI, so we didn't "make money when we bought it" per se. I had no idea "house hacking" or Bigger Pockets was a thing at that point haha. medical school.

@Jeremy Z. Yes the clock does start over! Such a good point. 

Thank you all for your answers, or in some cases more questions haha :)

@Ray Johnson the property is in really good condition. It is a newer build and has been well maintained. Nothing needs to be done in order to sell/rent. After selling costs we estimate we'll walk with $10K. Very unsure about what the market will do in our area (Detroit Shoreway). There is some volatility for sure. When you put it that way, maybe selling makes sense.

@Brent Coombs We have not put much into the property, just built equity from paying down the mortgage. We will be able to purchase in FL even if we keep the house. We've been preapproved to purchase.

@James Wise I would like to be a landlord, part of our investing plan is to accumulate some rental properties. We will likely not return to Cleveland. We will walk with some money if we sell right now. If prices were to drop I think we would still be above water, but not in the favorable position we are currently in. However, I think a long term buy and hold strategy would outlast the temporary highs and lows.

@Brian Garlington totally agree!

Hello! This is my first post here and I am excited to hear everyone's advice.

My husband is graduating from medical school in Ohio. We thought we would be staying here for residency as well, but it turns out we have to move to Florida. We own a townhouse in Cleveland with a rental suite. We can cash flow about $350 from the property if we keep it and rent it out (including property management). 

My husband thinks we should sell it, but I think the numbers justify keeping it. In order to sell, it would cost us 2/3 of the equity we have built. What would you do?