All Forum Posts by: Account Closed

@Nick N. unfortunately legally I wouldn't. It needs to have a window and none of the walls are connected to the outside.

Thanks for all the insight from everyone! Its been very helpful to see my situation from so many other perspectives. I initially was leaning more towards taking the loss now as opposed to the smaller monthly loss. By the numbers it seems holding onto it is a bit riskier, but even if I take $500+/ month loss for the next 6 years and condo values stay the same. I would be able to break even, The risk is if my condo fees go up significantly and special assessments. Looking at my condo rules right now regarding short term rentals, which was another great suggestion from some of you as well, to boost my income. Thanks guys!

@Sean Kollee@Nathan Gesner Interesting ways to look at it. If I sell now and lose $40 000 right of the hop it would take me around 7 years to break even losing the $500/month I'm losing now. I calculated my mortgage to see where it would be at in 6 years I would be at a remaining balance of $130 000. My amortization is current at 19years 8 months from a 30-year.  Hoping everyone here could point out other factors I'm not considering or the pros of cons of going both ways. 

Also, Id really like to thank everyone for all the great suggestions for getting the rental income up!

@Nathan Gesner This is what happens when you buy a place to live with no education or forethought; you ask your mortgage broker what you can afford and then buy something for more than that with a RE agent who is representing the seller also. Up until a year ago, I had no education in finances and real estate and in the last year have been furiously cleaning up my many years of financial mistakes.

@Mary M. another great suggestion that I will look into

@Sean Kollee thanks, I've never heard of honest door, I will look into it. I had a real estate agent do the comps and there arent any 1 bed + dens 1 bath that has sold in the last year. What he had to do was comp by sqft and because my condo is so large(1010sqft) all the sold comps that are similar are 2 beds 2 baths. The condo fees are atrocious.... they include all amenities including natural gas for the balcony. I think if I do put it on the MLS that listing all that's included in the condo fees is a good move. Current mortgage rate is at prime -1.1% so around 2.8% I believe. I've owned it for about 9 years and have only seen the price stagnate or go down. Doesn't help that I bought it for way too much either.

@Lynnette E.  I've asked the current renters about rent to own and they are not interested.

@Karen F. This is a great example of buying a home for way too much and having no exit strategy. A good example of what not to do when buying a condo

@Remi Noel hey thanks I will give him a shout

@Cara O'Donnell Holland Gardens Condos off 135 ave NW

I am renting it out for $1500/ month. 

Condo fees $690, Management fees $150, Mortgage and taxes $1145, I put away only $50/month for repairs and vacancies which have been pretty minimally thankfully...

Never considered Airbnb. Figured with me being on the other side of the country, logistically that would be tough.

Hello BiggerPockets Community!

I really need some advice on whether to hold or sell my rental property. Here are the details.

In 2011 I bought my first home, a 1 bed + den, 1 bath condo for $227 000. I paid way too much and moved 1800 miles, couldn't sell the property due to no buyers at the price listed. Over the first 7 years of ownership, I attempted to sell 3 separate times, 3 different realtors, with no success, not even a single offer. I am now losing $535/ month with this property. Over the last 9 years, I lost an average of $300/ month. I'm at a point where I'm now a "motivated seller". After talking to a 4th real estate agent(#1 on rate my agent) they recommended to list it at $160 000. With average closing sale 90% of asking, leaves us at around $145 000 probable sell price. I owe $175 000 currently. Is it worth the $30 000 loss plus closing costs(estimated around $8500)? Emotionally it has also been taxing... 

Any suggestions would be greatly appreciated!                                                                                                               Liam

**Not sure if this matters but I'm Canadian. I bought the condo in Edmonton, Alberta and moved to Hamilton, Ontario**

Hello all!

I'm very new to everything real estate and I have been in the books, podcasts and BP forums for a few months and very excited to get started on my first deal! I currently rent in Hamilton ON with my wife and daughter. We are on a strict budget while paying off consumer/student debt / saving an emergency fund and then will be saving a 20% down payment for our primary residence/future rental property. We should have our 20% down payment in the next year and a half. Max price is $400k, but after learning more about real estate investing I'm realizing paying full price and/or buying a move-in ready home isn't the only option. Also doubtful a $400k SFR would break even when used as a rental property. I work in St Catharines ON and we would like to make the city our home.

Any advice when looking at SFRs in St Catharines or generally when you want to initially use it as a primary residence then rent it after you've grown out of it? I'd like to rehab a 2-3bed with a full basement. Convert the basement to a 1-2 bed apartment so that I can increase potential rental income down the road. Any thoughts, suggestions comments on my plan would be greatly appreciated.

Thank you,

Liam