New to RE investing and being a landlord – we're doing a cross-country move, and considering keeping and renting our current home instead of selling, but I think the numbers don't bear out, and wanted to get some advice:
- - Charlotte NC, Purchased for $420k, Current value ~$600k
- - ~$260k left on a 20-year 2.5% fixed mortgage, $1850 monthly payment including all escrows
- - Rent would be $2500-$2700 range currently
- - Would definitely need a property mgmt company as we'd be 3 timezones away!
Assuming $2600 rent, with 10% prop-mgmt fee, plus a 15% contingency, that leaves $100/mo cashflow which seems like is cutting it way too close
My main goal would be to diversify my investments beyond stocks and bonds; also would be good to be able to apply the initial leverage I used during the purchase for a longer period of time for appreciation (not sure if that's sound logic tho); and finally would be nice to not pay the $30-40k in selling closing costs.
Thanks in advance!
