All Forum Posts by: John Dersoe

Trying to decide on this.. what do you all think?

Just closed on a single family house in Tampa and will relocate from Bronx, NY.. Mortgage on the Tampa house is 330k and 1600 per month.

NY house is a 2br/2br/Studio. Rents would be 2000+2650(util inc)+1200=5850

I owe about 360k on the Mtg in NY

NY Expenses: Mtg-1700, Taxes-650, Ins-200,Heating Oil-200, Cable/Internet-150, Water-200, ConEd-500, Landscape-150, Supplies-100 = Total of 3850 

Leaves me with +/-2000 in profit.. and realistically , after the Tampa mortgage payment is made, I have $400 left over every month. Is it worth it to you guys to make $400 a month and have to worry from Florida about the NY house (built in 1938) or would you sell the NY house for $800k - 360Mtg - closing/commission/taxes and pay off Tampa to be mortgage free in Florida? 

Maybe sell the NY house, and put 100k down on 2-3 condos, generating a few hundred each property every month? My blue collar mind can't get off the fact that if I just sell NY and just pay off Tampa.. it saves me 1600 per month and no worries.. but I know this is my father's way of thinking. Thanks for any advice on this.

 

Does anyone think it's "safe" right now to buy and rent out a 2 family house if it could be gotten for a decent price? I have only asked a couple of other landlords in my own neighborhood.. and so far, the sentiment is that they are scared that another shutdown and suspension for rent payments is inevitable. However, when I asked if their tenants have stopped paying at any time due to this, they both said no. I currently own a 2 family and live in one unit.. my tenant is a city employee and has job security. Buying and renting a new house with 2 apartments to new tenants seems scary to these guys during such uncertain times.. are their fears justified?