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All Forum Posts by: Patrick Isaac

Patrick Isaac has started 4 posts and replied 15 times.

Post: My current home: sell, rent, or... ?

Patrick IsaacPosted
  • Newberg, OR
  • Posts 15
  • Votes 6

Sounds like a good tip, Steve.  Thx!

Post: My current home: sell, rent, or... ?

Patrick IsaacPosted
  • Newberg, OR
  • Posts 15
  • Votes 6

Andrew, thx for the advice. I'm looking for multifamily units in my area now. I'll have to do some research on the FHA loan... I've never had one before. What advantages are there with the FHA loan?

Post: My current home: sell, rent, or... ?

Patrick IsaacPosted
  • Newberg, OR
  • Posts 15
  • Votes 6

Ok.  Thx for the tip.  I'll check out the book.  Thank you!

Post: My current home: sell, rent, or... ?

Patrick IsaacPosted
  • Newberg, OR
  • Posts 15
  • Votes 6

Thank you everyone for your input!

Logan-

Using your numbers for analysis, my property produces a negative monthly cash flow as a rental... Did I fail to mention the $75/mo HOA fees in my neighborhood? Even if I self managed the property I still come out negative. Guess my home isn't such a great rental after all! Thx for the advice!

John-

My market has been very strong these past 2 1/2 years and I calculate that selling my home and paying 6% fees still puts me ahead by more than 20% on my initial investment.  Based on what Logan mentioned above it doesn't appear to make sense to do a cash out refi... I don't see how owning a home with negative cash flow would help someone like me starting out.  But maybe I'm missing something here that you understand and I don't?

Chris-

Your suggestion seems to be the most sensible course of action.  My existing home just doesn't pencil out as a rental and the equity I have in it could be put to much better use in a 2-4 plex house hack.   I just need to find one!  I live in the suburbs SW of Portland, OR and the market here is quite hot right now.  Ideally I'd like to stay in the general area so I guess I'll have to work hard to find the right deal...  ;)

Josh-

You nailed it... The numbers stink! I find the BRRRR strategy a bit intimidating right now, but I will keep it in mind as I look for deals in my area.

Thank you everyone for your help!

Post: My current home: sell, rent, or... ?

Patrick IsaacPosted
  • Newberg, OR
  • Posts 15
  • Votes 6

Hello everyone!  I'm new to real estate investing and I am considering using the equity in my existing home to start out.  My current home value is between $350-370k and I have a mortgage balance of $142k.  I estimate that I could rent out my existing home for about $1750/ month.  I have been considering the following options:

1)  Refinance my home and rent it out.  Purchase a fixer upper, move in, rehab.  Repeat.

2)  Sell my existing home.  Purchase a multifamily property and live in one of the residences there.

I don't feel that the current BP calculators quite match my situation and I want to be as thorough as possible when I figure out which path is best.  I don't suppose anyone out there has a spreadsheet or some other guideline that they would lend me to help in my analysis?  Or perhaps there is an alternate path for me to consider?

Thank you for any help/suggestions!