All Forum Posts by: Kristi Pratt

Looking for advice from experienced investors: I bought a condo in 2019 and began renting it short-term in 2021. It's been generating an average monthly profit of $1,000. However, the HOA fees just doubled from $500 to $1,000, and competition has surged (from 1 STR to 20 in the area). I'm unsure whether to keep it. Any advice?

Hi there, 

My husband and I both purchased properties in 2019 before meeting each other. I rented out my condo (short term - midterm) to move in with him, and now he is ready to rent out his single family home (long term).  We are considering renting a home in the neighborhood we are interested in buying in, to test it out for a few years. By renting out both of our properties, we will generate enough income to cover the rent of our new home.  We both also have full time jobs.  We have $50k set aside for emergencies related to our rentals.  

Is this a unique form of house hacking, where the rental income from our owned properties covers the rent of our new rental home?

Are there any potential issues with this plan?  Thanks all for the help.  

My husband and I own a profitable condo we rent out short to mid-term, while living in a single-family home we plan to convert to a long-term rental. We live in a low cost of living college town. We have $60k set aside for a new home down payment. Our combined annual income is $150k, with somewhat limited potential for salary growth. We're unsure of our next steps.

We would like to buy another home, live in it for a few years then eventually rent it out as well.

Should we wait for lower interest rates or consider a cash-out refinance.. or maybe something else? Any advice would be appreciated as we're new to real estate. Thanks!