All Forum Posts by: Maki Bick

Thank you so much for your input!

We were also considering a cash-out refinance since we have a decent amount of equity. Our monthly mortgage payment would increase, but we would still break even.

Both of our car loans have an interest rate of 4.5%.

Need Advice from Experienced Investors!

I’m still new to real estate, so my knowledge might not be perfect—please be mindful!

We’re debating whether we should sell our rental property to pay off all our debts. Right now, we’re carrying about $60,000 in debt ($40,000 in credit cards and a $20,000 car loan). These were financial mistakes we made when we were younger, and unfortunately, they snowballed over time.

We currently rent but own a rental property out of state that cash flows $600/month and has about $190,000 in equity. When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.

Some key details:

My husband is active duty and will retire in 3 years.

We have one final move coming up this summer to Raleigh, NC.

Our current debts are crippling us—the high interest makes it tough to stay afloat every month.

The plan me and my husband are thinking bout:

Sell the rental property.

Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.

Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.

Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.

Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.

This wasn’t our original plan, and we hate the idea of using our equity to pay off debt. But at the same time, it could relieve our financial burden and set us up for future investments.

What would you do in this situation? Would you take a different approach? I’d love to hear your insights from those with more experience.

Thanks in advance!

Raleigh, North Carolina

Need Advice from Experienced Investors!

I’m still new to real estate, so my knowledge might not be perfect—please be mindful!

We’re debating whether we should sell our rental property to pay off all our debts. Right now, we’re carrying about $60,000 in debt ($40,000 in credit cards and a $20,000 car loan). These were financial mistakes we made when we were younger, and unfortunately, they snowballed over time.

We currently rent but own a rental property out of state that cash flows $600/month and has about $190,000 in equity. When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.

Some key details:

My husband is active duty and will retire in 3 years.

We have one final move coming up this summer to Raleigh, NC.

Our current debts are crippling us—the high interest makes it tough to stay afloat every month.

The plan I proposed to my husband:

Sell the rental property.

Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.

Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.

Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.

Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.

This wasn’t our original plan, and we hate the idea of using our equity to pay off debt. But at the same time, it could relieve our financial burden and set us up for future investments.

What would you do in this situation? Would you take a different approach? I’d love to hear your insights from those with more experience.

Thanks in advance!

Hey guys!

Me and my husband are trying to rent out our primary residence in June. This will be our first rental property. Since we will be out of state, we are planning on hiring a property manager. Before I shop around in my area, I wanted to get everyone's opinions on what to look for in your property management company ( What kind of questions I should ask.. etc) and what is the deal-breaker for you. It is our first rental property so we just wanted to make sure our house will be in the right hands. 

Thank you so much!

Thank you so much for your fast and honest response, Reid! We had a great feeling of keeping the house is a better idea in long run but its great hearing it from a professional. I will go ahead and start searching for a property management company in the area! 

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*This link comes directly from our calculators, based on information input by the member who posted.

WE NEED YOUR ADVICE!! 
Hi, me and my husband purchased our first home in April 2020 (Bought it for $312,000). Fortunately, we bought it at the right time and the house appreciated in value by almost 160K in just 2 years. Due to my husband's job (US navy) we are moving to North Carolina in the summer and planning on coming back here in 3-6years. The house is in a city called Mount Juliet (Suberb of Nashville Tn 20min from downtown). A great school district, low crime rate, and family-friendly area. Since Nashville is a fast-growing city and a lot of population coming in, we believe the house is in the desirable market. But If we were to rent out the house, it will cost us around 5-7K to make it to a move-in ready condition (Repair the master shower, Paint, cleaning, etc). And looking at the analysis, we won't have any cash flow for a while. (Our mortgage amount was not right on the calculator. Our monthly mortgage is $1640). Therefore, we are having trouble making up our minds if renting out the house or selling it and using the profit toward our first Brrrr project is a better way to go. 

Becoming a real estate investor has been our dream for a while now and we thought this could be a great opportunity to start our dream journey. If you think we should rent it out, we would love to hear any tips and advice on how to maximize our rent. Looking forward to hearing from you guys! thank you so much in advance.