All Forum Posts by: Jennifer Story

@Bo Goebel Yes I am interested in a multi family for sure , which will lead me to my next questions for advice soon enough. Financing. Whether to pay cash for something or of course still seek creative lending for the next deal as obviously cash for closings and “skin in the game” or rehabs if needed maybe useful rather than put all eggs in one basket.

@Thomas S. Thanks for the input. I completely agree. I’m thankful for all the input and professional opinions from different views to truly make the proper decision here. Lots of support on BP for sure.

Originally posted by @Caleb Jordan:

I had the same situation about 2 years ago. I sold, wish I would have rented. It does look like your rent may be a little low for healthy cashflow. If you are out of state you probably need property management, plus repairs, turn around cost, vacancy etc. So you could end up adding $300 or $500 to your mortgage payment in expenses depending.

Caleb , thanks for the comments. Rent has actually gone up for sure. This property would have rented for $1250 3-4 years ago. But I think the most we could push is $1700.00 and who knows how long that would last. 

Geoff , thanks for your response. Essentially I agree 100% on the concern of causing headaches and possibly break even. I Know with the market now Im looking at about $1550-$1650 max on this property with the mortg at $1128 . Now finding out that because it was a FHA loan I cannot get rid of PMI without refinancing and essentially go from a 3.75 % Int rate to a 5.2% plus closing costs is a game changer as I expected to reduce the mortg another $120.

We did live in the home for more than two years and recently relocated to ATL. Therefore, I am certainly leaning more towards the sale instead of holding onto it, taking advantage of the taxes on the profit. 

@Mark Glasgow thanks for the input. I am a realtor as well so I will be paying 2.5% for the buyers agent. I was under contract for $240k , it appraised at $245k. Contract fell through , payment is 1128 with PMI which I obviously can and should get it knocked off so I would say 950-1000 payment. I’m thinking it would rent for 1500-1650$ in my market there right now. I would plan to put all return back into the property.

@Brandon L. Thanks Brandon for the advise !

I have a property just outside the Orlando area it’s a 4 bedroom 2.5 ba home holding approximately 70k in equity. Rental market is also extremely high and strong right now. The question is with so much equity do I sell and take the cash or rent to pay off in 10 years. Interest rate is phonomonal and only owe about 155k. Points 1.) out of state rental. 2.) could use cash to re invest locally on several doors. Could think of more but you get the idea. I figure if anyone has real advise it’s bigger pockets. Thanks for you help !!!

Thanks Kim for the response. I will contact you this afternoon to discuss.

I'm currently looking for local mortgage loan officers with different incentives or programs that you can offer to my potential clients in Central Florida. I've recently switched brokerages, And I am in need of some new resources going forward. Thank you !

Thanks John!!