All Forum Posts by: Jordan S.

@Erik Estrada Hello and thanks for the quick feedback. Currently in my primary residence and looking at revising my current residence to a long-term rental (6 mon. / 1-year terms), which would break even or slightly less. What would the general synopsis of a LOC look like on top of a mortgage?

Currently own a 2/2 condo @ 5.375 % (WI) with 15K additionally invested (New HVAC / Misc finishes). Looking to move to the greater Denver area but I want to hold my riverside property and would need to sell (or refinance cash out) for a down payment. Current property will do just fine with the limited supply in this city, but do I really want to refinance with higher rates or today’s market? How does the entire process play out if I did refinance (assuming I have larger monthly payments due to higher rates and more owed)?

Hey @Jeremy Nault I just saw a similar unit sell for 20% more then what I purchased just over 2 years ago. Understanding the market may go up a bit this year, but settle shortly after, do I take advantage of this time to sell? I am not sure if renting this out would trump the potential tax free down payment? Looking for any advice possible, thanks in advance!

Thanks for the response @Jeremy Nault! I completely agree with the condo fees and when considering the rent price I understand how that can take away from cash flow. However, as I've heard and understand cash flow isn't a top priority as long as it works for your financial state. I actually joined the board of an association to get an idea of what it consists rules/meetings/discussions (these obviously can vary). This definitely helps assure my starting path, thanks again!

What is everyone's thoughts on Condo's overall? I personally love the downtown culture and moving into a larger condo (once I find one). Only issue is availability and they have offers in hours/days (even with today's rates). The goal is to only purchase condos that allow you to rent (my intent with the first) and continue to acquire more over the years.