All Forum Posts by: Sandra Johnson

I'm trying to determine what to price my sfh using the public mls search in my local area. When using the public mls with the search criteria similar to my house I'm getting results all over the map. 

The property is located in the eagle lake north sub in melbourne city. I need help with determining what to price my house at?  There is no 'days on market' number that I can see using the public version of the local mls to determine what comps are selling at. I'm reluctant to contact a real estate agent at this point because the selling price may not be high enough for what I'm hoping for.   

@Raymond B. Thank You! for the info on getting the @ to work. Now people will know I'm talking to them. I'm not only new to BP but to this type of online forum too.

@Keith Nugent , yes, my residence is in Brevard. Please keep me posted about your local meet-ups for investors. I would be interested in attending.

Originally posted by @William Brace:

I'm a buy n hold investor so if it were me, I wouldn't just look at the rental income. I would look at the long term projection on the homes value.
I would also argue that lawn maint could/should be the responsibility of the tenant. You have a newer home so I wouldn't think you would have any major expenses such as a roof, hvac...

Now, with all that being said, keep in mind you will also have tax deductions such as depreciation, not to mention anything you put into the property such as your HOA fees are 100% tax deductible.

You need to look at a lot more than just the monthly rent. Just my $.02 :)

Thank you for the info. Prices have been rising in my neighborhood, I need to talk with a realtor to see what the trend is; whether they are leveling off or continuing to rise. There are a few empty lots (~5) and a few homes under construction still (total homes in HOA ~250), these may be holding prices low since buyers will want a brand new home vs a used home. And the new homes are at today's prices; the older homes are mostly underwater at 2006 prices. When the neighborhood is built out (no more lots available) and only 'used' homes are for sale, prices will rise I think. Again I need to talk to a local realtor.

If I would rent my house, I would not be surprised if there were expenses/repairs related to the appliances. Even though the house is of newer construction, the appliances are 'builder grade'. To me that's code for bottom of the heap, lowest quality. The house structure is solid though and the roof is tight.

I do not know how having a rental may help my taxes; I did have a rental for one year, about 10 years ago. That seemed too short at duration to see tax benefits. I am new to BP, I think I have a LOT of reading to do about rentals and all the details.

Oh, your reply to my original post was worth much more to me than $0.02!

Originally posted by @Simon Campbell:

$10k Difference is not a killer. You could list the home and hope to find someone to pay over the market value. May take a long time but who knows, there is always a sucker out there. The buyer would have to be prepared to pay the difference between the appraised value and the purchase price, but who knows, maybe the appraiser will "see" the additional value.

If the rent does not pay the mortgage, IMO, you are better off staying there. Here is why. If you move before your house is completed, you will be paying rent and the additional mortgage. Might as well stay. Second, to build your house, you will probably need to get a construction loan. You have to factor in if your income is sufficient to cover the existing mortgage and the new loan.

Thank you for your opinion. I'm leery of listing at too high a starting price if I try to sell now. In my experience, starting at too high a price usually casts a shadow on the property that is not good. Prices have been rising slowly in my neighborhood but loan rates are also on the rise. I have inquired about construction loans with various banks and lenders but have not gone ahead yet to see how much I would qualify for. This may answer my stay, rent, or sell question. I also have research to do on builders and floorplans for the house I'd like to build. This'll take time to make these decisions all while I stay put in my current house. Once I've made these decisions, maybe I'll be less underwater. Time will tell.

The current house that I would like to sell or rent is 1960 SF, 3 bed, 2 bath, 2 car garage, plus a ~200SF screened back porch, privacy fenced yard, nice lawn and landscaping with sprinkler irrigation from a well. It is constructed of poured concrete walls (not block or framed) and has hurricane shutters; it is located within 15 miles of the Atlantic coast in Brevard County but is in a no flood/non-evac zone. It has city water and sewer, not septic tank as many areas around this neighborhood have.

I'm a new member, just days old to this site, not sure I'm posting to the most appropriate forum. Friends praise this site, I'm seeing why! I've read lots of rent vs sell topics, some applied to me, some not. I live in a SFH, brand new construction, I bought in 2006. I owe $170K and have been paying extra principal each month. From recent sales in the neighborhood, I could probably sell for $160K. Close but not enough. What is the best overall decision: stay, rent, or sell? I own rural acreage free and clear and my goal is to build my next home on it as soon as possible so staying in my current home is not my first choice. There is a good chance to rent as my neighborhood is near a private university and there are other rentals in my neighborhood but the going rents will not fully cover my mortgage, taxes, insurance; not to mention the HOA fees, lawn service, regular maintenance. Is renting a slower 'leak' of cash than staying a paying extra principal or selling outright and having a $10-15K debt straight out? Have others been in this situation? Are there obvious things I am overlooking that I should consider?

My reason for joining this site is to gain knowledge from all of you about my next real estate decisions.

I've previously owned a rental property in Pinellas County, Florida; that was a pleasant experience. I'm considering landlording again in Brevard County.

Thanks again for the amount of info on this site; please be on the look out for my next topics with more details about me.