All Forum Posts by: Steve Janiak

@Jason D. I see you live and invest in St Pete area... so you already know the area has appreciated a lot the past few years! Based on lots of money being invested into downtown St Pete and Tampa there seems to be lots of potential for more appreciation if no major recession.

@Jason D. Thanks for the calculations! I wasn’t considering the extra equity that I gained in my calculations and I was counting my mortgage being paid by the tenant adding to my return over time. Factoring in my gains even if I get a little more rent $1,600-1,650/mo I’m leaning towards selling but Tampa area has done great past few years so it’s harder to find good deals.

Steve

@Brian Garlington yes my PM thinks $1,600/mo is doable maybe $1,650/mo max.

@Thomas S.good point to consider where I would invest profits... thanks... just trying to understand why both of you think return is considered low... purchased 125K plus ~25k repairs and 85K loan so 65k of my own money into it. Not counting mortgage payments or reserves for future repairs I clear ~$750-800/mo so $9,000-9,600/year. I agree $1,550 is low based on new value of 220K but was good when I purchased. HOA cuts into cash flow but includes all outside maintenance roof. Do you usually reassess each rental returns and cash flow if value goes up a lot? Thoughts?

Thanks

@Jason D. Thanks. I've enjoyed rentals but thinking may be good time get rid of my HELOC debt while prices have gone up a lot. Cash flow is very good but your right return on equity is lower now since my loan is small and it's appreciated in value from 150K to 220K.

Steve

Purchased a villa near Tampa ~3 years ago in a good town with good schools and trying to decide if it's time to sell or rerent... it's an out state rental near my brother and my PM is good and tenants have been good so far but tenant just moved out. I'd use the profits to pay off HELOC and pay down another rental's mortgage.

Purchase 125K plus 25K repairs

Would sell now ~215-220K

Owe 85K - 5% rate used HELOC from primary home

Rent $1550-1600/mo

HOA $275/mo

insurance $200/mo includes flood policy $600/year

RE taxes $200/mo

Management $155/mo