All Forum Posts by: Robert Jimenez

@Kai Van Leuven I really appreciate you taking the time to write back. To be honest, I'm not comfortable with OOS REI. I like to be more hands on with my property. You bring up a good point about the OOS properties not going up in value. I feel the house I'm in now will never be worth less than I paid for it and the house is only 8 years old and in great shape. It is not a money pit at all. I'm comfortable only making $200-$400 per month while someone else is making my mortgage payment for me. My main goal is to have it paid off when I retire and use the rental income to close the gap on my pension, if not more. I'm leaning towards keeping it and renting it out for two years and see how it goes. If it is not working out then I can sell it and still pay no capital gains. If it works out, then I will have some really good passive income when I retire and still have a house worth a lot of money that I could eventally leave to my wife and daughter when I'm gone. I can't tell you how many times I hear family members and friends saying that the wished they had kept their old house or condo as an investment here in California. Thanks Kai.

I'm glad I found this Real-estate community here on Bigger Pockets. Everyone has giving me some great advise and insight. It seems overwhelmingly that everyone suggests that I sell and reinvest elsewhere. I'm glad I asked. Thank you!

@Caleb Heimsoth, @Jay C., @Clayton Mobley, @Dave G. and @Tyler Mullen, thank you guys for your time and the great advice. You of all have given me something to think about. I'm sorry I asked! Hahahaha just kidding. I will have to do a lot of homework on buying multiple properties out of state. I've never considered do that before. It's kind of scary, but it sounds interesting to be able to build a small portfolio. Any suggestions where I should start looking? 

Thank you for replying and for your advice kai. It is much appreciated.

My wife and I have decided to move to a different city nearby so my daughter can attend a better school district. I'm considering keeping our current house as a rental investment. I already have a duplex that I bought 3 years ago and I enjoy being a landlord. We have enough cash on hand for a 20% down payment for our new house. The house we have now is in a gated community in good area of town. We do live on the Central Coast in California and things are getting pretty expensive. My question is, should I keep it as an investment rental or sell it and use the equity towards our new house? We bought our current house at the absolute lowest point in the market back in 2011 for $332,000 at 3.75% interest. We currently owe $297,000 and the current value of our home is $525,000. Our mortgage payment is $2003.00 per month including taxes and insurance. There is an HOA fee of $114.00 per month. A couple of houses down the street that are the same size as ours currently rent for $2400 and $2600 per month. My wife and I are both teachers with pretty good pensions. I would like to retire in 14 years and use my rental properties as monthly income and fill the gap of my pension. After doing the math on our new home purchase we would still be able to save $2000 per month and I would like to pay off the house before I retire by making extra payments. Can anyone give me some advise? Should I do it or not?