All Forum Posts by: Wilson Rodriguez

Ok, getting right down to the deets. I currently own and rent my condo unit that I've had for the last 4.5 years. 1st floor, 2 bed, 2 bath, 1 car garage in an 8 unit building.

I owe $82k and pay $692 monthly (taxes and interest included) plus $200 for condo fees which brings us to about $992 (we're not worrying about insurance here). Management fee is $150 a month so we're at $1142 plus it's apparently $1,000 to bring in a new tenant (I know right).

I am currently renting the property out for $1395 so I'm pretty much netting $250/month which has just been sitting in a separate account.

$1395/month rental income

$1142/month mortgage/taxes/management fees/interest/HOA

250/month net

I had the bank appraise the property about two years ago so I could get rid of PMI. The total on that came back to about $162k-ish. I purchased the property for $98k with only putting $5k up front. I spoke to my realtor and almost put it on the market for $167k. Hypothetically if it sold for that amount I would net about $157k after realtor fees.

Sell property = $75k pre tax

Question time. Is it a better decision to sit on the property and possibly delegate management to my father to lower costs (he is a handy man and can oversee the property while making any minor repairs) or sell the property with intentions of throwing that profit into another property to avoid capital gains tax. Flip side I could keep it and try to pull out a home equity loan to purchase another property?? I'm stuck and would appreciate some advice.

Ok, getting right down to the deets. I currently own and rent my condo unit that I've had for the last 4.5 years. 1st floor, 2 bed, 2 bath, 1 car garage in an 8 unit building. 

I owe $82k and pay $692 monthly (taxes and interest included) plus $200 for condo fees which brings us to about $992 (we're not worrying about insurance here). Management fee is $150 a month so we're at $1142 plus it's apparently $1,000 to bring in a new tenant (I know right).

I am currently renting the property out for $1395 so I'm pretty much netting $250/month which has just been sitting in a separate account. 

$1395/month rental income

$1142/month mortgage/taxes/management fees/interest/HOA 

250/month net

I had the bank appraise the property about two years ago so I could get rid of PMI. The total on that came back to about $162k-ish. I purchased the property for $98k with only putting $5k up front. I spoke to my realtor and almost put it on the market for $167k. Hypothetically if it sold for that amount I would net about $157k after realtor fees.

Sell property = $75k pre tax

Question time. Is it a better decision to sit on the property and possibly delegate management to my father to lower costs (he is a handy man and can oversee the property while making any minor repairs) or sell the property with intentions of throwing that profit into another property to avoid capital gains tax. Flip side I could keep it and try to pull out a home equity loan to purchase another property?? I'm stuck and would appreciate some advice. 

Increased rent from $1315 to $1395 and within 2 weeks had no problem getting a prospective tenant. As most are saying, people still need a place to live. That's not ever going to stop. Just had to adjust as far as showing the property and implemented the virtual tour. Adapt and carry on!

Hello all, I happened to come across this website at my regular laboratory job. I was reading Build a Rental Property Empire via kindle and took a moment to browse the internet; attempting to gauge the quality of my rental property I acquired about 5 years ago.

My name is Wilson and am from the Milwaukee area. I purchased my first investment property at the age of 21 and found it as a means to someday become financially free. I lived in that property for about 2 years before being called up for deployment with the Army Reserves. I continue to rent that property out and aspire to acquire more throughout my life. I will soon take up a Medical Laboratory Scientist travel job with the intent to fund more real-estate buying and achieve my ultimate goal of not having to trade time for money. 

I wish you all the best with whatever goals you have set for yourselves and look forward to growing with each other. 

I am eager to be a part of this community and hope to exchange information, advice, inspiration, among others with similar interests and aspirations.