All Forum Posts by: Jenny Erickson

@Drew Sygit - thanks for the thoughts. Not sure about a HELOC yet...but that raises another question that will reveal my beginner status, perhaps. What is the difference between a HELOC and just refinancing? Wouldn't a straight refinance give me similar benefits, like extra cash on hand and more cash flow? I have held off on refinancing because I haven't decided how long to keep the condo yet.

And @Alyssa Strom - thank you for the advice on holding off on selling while the downtown St. Paul market has cooled. The condo is downtown and I hear you on waiting for the market to heat up a bit. I really appreciate your point of view and expertise as a realtor in Saint Paul!

@Jake Drappi - Detroit is where we're moving for my wife's job and, as beginners, we'd like to invest where we will be living for a while, even with the challenges that seem to come with Detroit. We'll see...

Thanks @ Joe P. Options do abound! The condo has minimal cash flow right now but it's in a great location and it seems to be a desirable place--big loft in downtown Saint Paul, close to stadiums, hospital, etc. Thinking that since it cash flows a little right now ($100 a month or so), I could hang onto it and see what happens with the downtown markets. 

We can get into investing now and I'm leaning towards the idea of hanging onto it, investing in something else, and reassessing the condo in a year. 

Thanks for the feedback, both of you. It seems like there are a lot of ways to think about this decision, but I appreciate the perspective. Good point about finding out if we enjoy the investor life... Anyway, I'm new to this community and I appreciate you dropping a line!

I have a rental condo that was my primary residence until last year. I'm just beginning my real estate investing journey and looking to purchase a multi-family to live in when my wife and I move to Detroit in a few months, or purchase a single family that we will turn into a rental in a couple of years. We have cash to make that happen, but it would deplete those reserves. I'm wondering if it makes sense to sell the condo or hang on to it, when the goal is to have rental properties anyway. 

Rent covers the mortgage (which is a 20-year) and all other monthly expenses. I have about $90K equity in it. It's a pretty durable property with very little maintenance but with monthly association dues that will undoubtedly increase with time. 

My wife and I would like to eventually own 5 - 10 rental properties. So, should I keep one I have, or get out and use the money elsewhere? What other questions do I need to ask?