All Forum Posts by: Micah Lundstedt

Thanks for all the responses. I have been leaning toward selling it and after reading your responses I am even more confident if this. Jeff Wallenius I am curious who you invest with in Indianapolis? Do you have a broker you work with there? I know Oregon is tough in general for cash flow but I am nervous about investing in markets I have never lived in or are familiar with. I would be very interested in learning more about your experience investing in Indianapolis. I've heard the expected growth of the market there is supposed to be quite strong over the next several years. 

To answer some questions I have owned to property for 5 years and lived in it until 2 years ago. My current mortgage and property taxes amount to $1350 per month and property management another $250, the house rents for $2550. I have about $300k in equity currently. Due to repairs it seems I pay about $150-200 per month in repair costs. I am early in my investing career as I am in my early 30s and therefore have no concerns about holding on to property for a while. I do have another single family home rental where I live now in Eugene which rent covers my costs plus about $200/month extra, overall cash flow on houses here is not fantastic.

Thank you everyone for your answers thus far!

I have a single family home in Denver, CO. This was my personal residence until I moved to Oregon, I have been here now for 2 years. I have no intention of returning to Colorado. The residence has been rented and I am currently making about $1000 per month after all my costs including property management. My question is,  should I sell it or hold it? I have quite a bit of equity in the property. Because it was my previous residence if I sell it in the next year I won't have to pay property gains tax. If I sell it I would have enough funds to purchase at least 4 other single family homes in my current location. However I do have a great property management company and solid rentors  currently (who I believe will likely buy a home when the current lease is up in April 2018). If I hold it I could refinance it and barrow against my equity and buy potentially 3 other homes. The house is solid, class B property but is older (built in early 60's) and so there are frequent repairs. Any advice on the situation?