All Forum Posts by: Zack D'Aiello

Congrats!

So for your financing you used a conventional loan initially and then refi'd to a new conventional loan based on the updated value?

@John P.  Thanks John 

Its definitely been hard not to stress about all the mistakes made/money lost at this point, but I agree with what you said and will re-evaluate in on year

Thanks all for your insight this will definitely be a huge learning experience.

@Davido Davido much appreciated for the more detailed and positive response. I had similar thoughts about the appreciation even though its not guaranteed and will run the numbers further. 

Based off my zillow estimate (which I know isn't the most accurate) its up 4K from last year. 

So I think the best bet at the moment is to hold onto the condo for now and eat the $300 dollar a month loss (plus expenses/repairs/etc)  until this current lease is up next summer then attempt to raise the rent and break even while hoping it further appreciates. 

Hi All - thanks for more input.

Some definite good points @Cody L. and @Theresa Harris

I'm going to wait for this current lease to be up and then raise the rent to break even or hopefully make a profit on it soon.

I'll offer it to the current tenants, but if they would like to pass it up I will list it on zillow and see how much more I can get. 

Hopefully, after the next year I can make a monthly profit on it and will hold onto it for the next couple years until I can sell it for a guaranteed profit.

Hi Dan

Yes, that's right I was going to live here for a while, but I wanted to take advantage of being able to go back home and save while I could. 

I may have to eat the cost and then consider the STR option once the tenant's lease is up to minimize loss.

Thanks for the advice... this will be definitely be a costly lesson learned.

Hm yeah all really good points.

Ha and yeah it is quite the debacle. I was so excited about buying my first place with having no prior real estate knowledge and receiving so so advice.

Ultimately, its my fault for not researching and planning, but its in Mission Valley in SD. 

I'm going to look into selling it while tenant occupied if possible. I really don't want to eat that cost each month.

Thanks again for all the input

Hi All,

Definite newbie question here as I'm just starting out my RE journey and taking a lose on my first purchased property.

I purchase my condo in San Diego about 1 year ago and I just rented it out starting this September for a 1 year lease so I can move back home with my parents and save up for a flip or a BRRR.

I purchased the condo for 310K and my monthly mortgage/HOA/expense total is $2,269 and my tenant pays $1,850 a month along with utilities. So I'm losing $419 a month. Basically, I'm about to refinance which would save ~$100 dollars per month off my mortgage, but I would still be losing ~$300 dollars a month on it while I'm back living with my parents and saving.

So my two options are to either hold onto the place and take the 400 dollar a month loss and sell it immediately next August or continue with the refinance, save $100 a month on it, and hold onto the place for at least 3 years so the refinance would be financially viable.

Either way I'm taking a loss with my first stumble into real estate, and this condo definitely feels like a huge obstacle in terms of how much I can save.

Thanks all for any input or advice