All Forum Posts by: Kody Wright

@Jonathan Greene From looking around at nearby condo's and apartments for rent that's similar to ours, the rent would be around $2100 a month (it's a 2-bedroom). We expect it to be steady for a long time simply because this area has historically been in somewhat high-demand. I don't expect any new development in the immediate area due to the limited space available, we're basically surrounded by schools, neighborhoods and parks. Any new development tends to be further away from the city.

@Arian Potter is there a reason in particular why you suggest to "Do nothing for a year after marriage except work and save money"? We've spent about a year studying and trying to get ready for our first property, and from what we've learned it would appear that I've got enough capital to at least start on a new property (or use our current Condo). However if there's something I'm not realizing I'm all ears.

Hey Guys,

As mentioned in the description, my fiancé and I are currently living in a condo with about $131,000 worth of equity in it and want to move due to a noisy upstairs neighbor. We've been wanting to get started in real estate investing for a while now and think this is a good jumping off point to start.

What we've been trying to figure out is this: should we rent the condo out and buy a new place to live in as our home (thus starting over on a new mortgage)? Or sell the condo and transfer that equity to our new home then buy a rental property separately?

It's worth noting a few things here that are unique to our situation.

1) We're not married yet, the condo is hers and I've been "renting" from her while we've been living here. The condo is currently valued at around 345k.

2) Before we had met I was saving for a downpayment on my own home, I continued this throughout our relationship and have now amassed around 55k. This is what would be used to either buy the new home or rental property.

3) Since I've never owned a home in my name I qualify for some of the first-time homebuyer perks. So for the first property we would possibly have to put down very little to buy it.

4) We're both in our early thirties. Not sure if that matters...

Thanks in advanced for any advice! We're wanting to do this "right" and were hoping to be able to learn from the massive amount of experience in this forum.