All Forum Posts by: Jonathan Hudak

@Bruce Woodruff we’re on the same page there. In fact, she wants to have nothing to do with managing a second property. One of her biggest fears was me asking her to do things on the way home from work since she drives right by 😂. 

Since this morning even we’re comfortable with the decision to dive in head first and give it a go. 

@Bruce Woodruff she’s pretty much on board at this point. She has legitimate concerns - short term cash flow, dealing with maintenance, etc - but even today she’s come around to understanding the benefits vs. risks. 

@Drew Sygit thank you for that perspective. 

Would you consider simple net operating income/100k as ROI in this situation? Or would you factor in all of the payments/improvements we've made up until now as "initial investment"?

@Mat O'Grady thanks, that’s a great point!

@Brent Coombs we’ve talked about it over the last few years in accordance with our long term goals. She tends to err on feeling safe and risk avoidance, but she trusts me as far as analyzing and handling finances. 

Thanks Taylor - I did consider management, but initially it seemed not necessary. 

We’ve been updating the inside over the last few years with only the guest bathroom left to do. 

The outside is managed by the HOA.

I’m ok with most household repairs/smaller things  

Is it worth the 10% to manage the rest?

Hi,

I’m looking for advice on our current residence. 
My family is close to closing on a new house, about 30 minutes from the condo we are currently in. 
The math seems to be screaming “RENT”, but my wife is hesitant and prefers selling in the current climate. 

I’ve been interested in RE investing for a few years now but have not been in position to do so until now. 

Current Property #s:

-remaining mortgage (just refinanced this year): $192000

-P&I: $809/mo

-HOA: 340/mo

-Taxes: 500/mo

-estimated selling price: $320000

-estimated monthly rent: $2800 in a very desirable location, great for commuters or local professionals. 

Every which way I calculate, even with very high maintenance and vacancy reserves, it seems to cash flow minimum of 300-400/month.

Basically, I’m looking for a counter argument. What am I missing? 

I wouldn’t mind paying someone for 30-60 minutes of your time to help break it down and get another perspective also. 

Appreciate any responses!

I'm basically a "Pre-newbie". Have been following Bigger Pockets for a while and am looking to get started in Real Estate in some fashion.

My wife and I currently live in a condo that we own (bought for $255k, currently owe $165k @ 4.05%) and the current value seems to be between $300-320k and has never been higher. We're in an expensive market in Fairfield county, CT. 

We're currently weighing options:

1. Selling now and moving on with our equity to buy a new place

2. Buying a new place now and renting under our current mortgage. Cash flow here seems tighter; $100-150/month if we hit expected rent.

3. Refinancing to new 30-year fixed (would be 2.85% w/ 6100 closing costs rolled in), with the goal of buying a new house and renting the condo out in 6 months-1 year when/if the market softens. The number seem to work out to a palatable cash flow of 300-400/month with this refi and lowering our payments, after accounting for capex/repairs and not including property management. We did consider a 20 year REFI option but with the extra payments the cashflow is much smaller, and the 30 year with extra payments came out very close in terms of total $ saved over the life of the loan, with the added flexibility and smaller minimum payments.

Looking for any feedback or suggestions as someone who's just getting started a little later in life (37)!

-Jon