All Forum Posts by: Paul DoCampo

I don't have an HOA. I cant think of another expense except for maybe a gardener If I choose not to do it myself. But the current plan is to visit twice a week to take care of the lawn/landscape.

Is there a set amount that people put aside every month for maintenance? And does that vary depending on the condition of the house? Because I cant imagine budgeting a higher maintenance cost for my house compared to an older home that needs more work. Thanks to my carpenter dad and current job, I'm skilled with basic construction and plumbing, so I have been keeping this house up to par. The only thing I forecast that will go out on me soon, is the a/c unit.

Carolina E , thank you for such a quick reply and for the advice. I will definitely ask a retailer for a fair market value.

To answer some of your questions, We don't plan on moving back to the house unless we truly have to. Our goal is to eventually buy a primary residence in Chino/Ontario which is about $50,000+ more than my home. We are willing to stay for two years at my parents, or even more depending on the future market and funds.

I plan on managing it myself.

I am a newb to any kind of investing. However, I have newly become motivated in eventually achieving financial independence and having a stream of passive income.

Long story short, My family and I are planning on moving to my parents for personal and financial reasons (help with kids, and more disposable monthly income). Im debating on what to do with my primary residence. Here is some facts on my home:

$275,000 purchase price. I owe approx. $249,800 for 3.75% on a 30 year loan. I have had it for almost 2 years. My monthly PITI is $1610. Estimated monthly rent from a property manager is $1900-2100. It is located in Rialto, CA (San Bernardino county). Estimated value today from Zillow.com is $325,000.

I am fixed on putting it out for rent (unless someone can convince me to sell it and find a better income property). But I am not too sure if I should make it a goal to keep this home as rental property given that I have such a low interest rate on the loan and pay more into it, or eventually sell it to upgrade to a better income property and pay the minimum mortgage.

p.s. Forgive me if there are some stupid questions or amateur assumptions here. I understand there is A LOT for me to learn, and I already have started on reading some books, listening to podcast, etc to start learning as much as I can.