All Forum Posts by: Tim L.

@Shawn Couch @Jason Dante @Alvin Uy @Robert Comstock and everyone else - Thanks for the reinforcement! I was a bit concerned looking at local rents and seeing that my mortgage payment + HOA dues would not be covered by the typical rent in the area. I am so new to the real estate investment would that I think this may have cast a shadow on the bigger picture here... the future! Thank you for the reinforcement!

@All - Thank you all so much for the responses. I really do appreciate the warm welcome to BiggerPockets and the great community that this is.

To respond to the majority of you all, the most beneifical part of this entire realization was that I have a ton to learn from this as I move on to bigger and better deals. I now know how crucial that initial analysis is and that money is made when a property is purchased. @Eric Mayer I appreciate your last point about having jumped in. I am happy that I did jump in even though I may need to jump out. These lessons learned will serve as the basis for future (hopeful) success!  

The short term rental option would not be applicable due to my HOA's regulations unfortunately.

Those of you recommending to sell - @Tyler Weaver @Keyonte Summers @Robert Kirkley @Dennis M. @Bjorik Mutize - Isn't there concern about losing money on the sale? I will be living in the area for at least another 2 years. Would it be more prudent to simply hold to see if appreciation can cover the costs of the sale 2 years down the line? Or is it better to simply cut ties with something thats already dead?

@Diane G. @Dan H. @Jay Weathersby Based on your historical analysis Dan, it would appear that a few years of negative cashflow might be a decent investment into future cashflow and appreciation. Doesn't the idea of "banking" on future rent and market appreciation scare you? Or is this simply the name of the game in a market like San Diego?

Again thank you all!!

Hello Angela! 

I too am new to the BiggerPockets community, and like you, first became interested in real estate when I thinking about my own rent payment each month. I am attracted to the lifestyle of real estate investors. While they are incredibly busy, I dream of being my own boss making my own decisions that directly affect my bottom line and not being stuck at a 9-5. 

I hope that joining BiggerPockets turns out to be the difference maker we are looking for!

Thanks for posting, and best of luck. See you around on the forums!

Tim

Hello Bigger Pockets!

My name is Tim, a new member of the community. I eagerly want to learn as much as I can from all of you as I begin learning the ins and outs of real estate investing.

Unfortunately, I am realizing that I made a poor decision when I purchased my first property. I purchased a 2 bed/2 bath condo in my area with the intent to live in it for a bit before ultimately renting it out as my first investment property. Now, looking deeper into potential expenses, it looks more and more like my purchase will be cash flow negative on a monthly basis.

My question for you all is this - have any of you been in the situation? Have you thought that you had a decent rental property, and then came to realize that you probably will not be cash flow positive based on what you can charge in rent? What did you do? Should I abandon ship and sell the property once it is time for me to move out of it?

I learned a valuable lesson here and realize now how poor my initial analysis was. Looking for some advice, tips, or motivation! 

Thanks!

Tim