All Forum Posts by: Keith Smith

Yes I would agree I made a lot of mistakes on handling this asset. It was our starter home so yes emotions our involved. I never viewed  or treated it as income producing investment. I was content/complacent with it just covering the mortgage. I let a family member live there for a low rent. They did all repairs and upgrades, they put in new flooring.  As other areas of my life evolved, career, family with much better success, I am now in a position to look and treat it as as cash positive situation. Yes in my area it is hard to find a cash flow property if I were to sell it and buy something else. I could quickly pay down  the mortgage on it as I am 100 free and clear on my primary. The real problem is is I have no defined goal do I keep and let this little house supplement my income in my later years, cash out,invest elsewhere. Do I keep it for one of my kids so they have an affordable starter home? I humble myself and admit I am no real estate investor guru. Thanks for all the advice.

For those 10 years it was rented the amount collected just covered the expenses. I also never had to do a repair  This last year I did not collect any rent her husband passed away and we were being generous.  I could sell for 160 to 170 range after I upgrade the electric. Have a small mortgage less than 45. 

We currently own home in central FL in a desirable location 40 min to beach 30 min to downtown Orlando. it was built in the late 50s solid block home. 2 bed 1 bath large lot.  Never mad money off of it (had family member as tenant for 10 years) Got a new roof in 2019, new septic in 21. Needs new wiring  and cosmetics estimate I'll need to put 25-30 into it to sell or keep . Potential rent range is 1300 to 1500. My wife wants to sell I want to keep it as a rental. My belief is after doing all the big work, roof, wiring and septic it makes better economic sense to keep it. Who's right?