All Forum Posts by: Marion Rice

@Jerry Lucker

😂😂 I’m gonna take that advice!

@Aaron K.

I couldn’t figure out how to delete this but I posted a more in depth with numbers.

I’m a 25 year old active duty sailor and I bought a condo at $127,687 with 3.75% in January 2018. I currently have $123,687 left on the principle. Mortgage and condo fees are $729.21 and $240. It’s 3 bed 2 bath with one of the rooms being a loft built in 1988. I’ve replaced the 13 year old HVAC system. I have a roommate paying $550 with the other room waiting to be renting out. I personally feel like the condo fees are impeding potential cash flow. I’m unsure of my next step but I have options and would like experienced guidance if possible.

Virginia Beach, VA

Option 1) I could continue renting rooms out while living in the loft. Master bedroom at $600 and second bedroom at $500.

Option 2) Possible refinancing after 2-3 years. Currently equity sitting at a ballpark of $10,000. Use HELOC to invest in more.

Option 3) Use as a Short Term Rental this upcoming summer on Airbnb.

Option 4) Sell sooner than later and move aggressively towards Single-family homes, duplexes, triplexes, etc.

My immediate goal is to increase cash flow.

I’m a 25 year old Active Duty Sailor and I bought my first property in 2018. 3 bed 2 bathroom (2 bed & a loft). My condo fees are $240 and I feel like they are high and impeding my potential cash flow.

My immediate goal is increase cash flow.

1. Should I keep my already purchased condo and try to squeeze out possible cash flow and possibly refinance down the road?

Or

2. Should I sell it and be aggressive towards other single family homes, duplex, triplexes, etc?

Always wanted to dab in Real Estate Investing but had no guidance until one friend referred me here. I haven't learned the lingo yet but I'm more interested in renting out properties to tenants for the time being. Any advice would be helpful!