All Forum Posts by: Jill Dolnicek

Thank you @Charles Carillo @Andrew Freed @Alex Talcott @Jonathan R McLaughlin @Jeremy H. @Drew Sygit @Jonathan Bombaci @Theresa Harris @Lien Vuong @Steve Milford!! Lots of great advice to consider. Definitely sounds like I need to take a harder look at numbers before making any decisions. And also lesson learned on 30-year vs 15-year - especially when rates were so low, that was a silly move. Appreciate all the feedback!

I purchased a 2 bed / 1.5 bath condo in Claremont, NH in June of 2021. It was my first investment property and I may have not paid enough attention to the numbers because I was anxious to get my first property. Now, a year later, with negative cash flow, an increase in HOA fees and over $1,000 in unforeseen repairs, I'm wondering if I should just sell it and redeploy the capital into a better deal.

Purchased in cash for $115,000. Appraised for $119,000, did a 75% cash out refi for $89,250 so I left about $25,000 in the deal. 

PITI is $957.64 and monthly HOA is $375 = $1,332.64/month (15 year mortgage at 3%). Rent is currently at $1,275 (raised from $1,200 at time of purchase) so negative cash flow of $57.64/month, not including any maintenance or vacancy expenses. Market rent is probably $1,350-$1,400 so would still barely cash flow.

I estimate I could probably sell the property for around $135,000. This is not a quickly-appreciating market so I don't see that as a reason to hang onto this property. It is a 15-year loan so technically it would be cash flowing if I had a 30-year loan. Should I just unload this property?!