I currently reside in a higher-end condo in Orlando, Florida, and obtaining a mortgage with a sub 3% interest rate was crucial for making it a feasible investment.Allow me to share a personal anecdote that sheds light on the condo buying experience.

Rather than taking out some boot from your sale to pay off debt, you could take a detailed look at your financing math after buying a new property and then strategically refinance to replace expensive debt with cheaper debt, but this is not very easy in today's rate environment. 

Most work this way BTW Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

One question I like to ask when I interview PMs is asking for their current occupancy rate, which I think is a key metric.

With higher interest rate and negative cash flow currently i won't be able to hire property management and planning to rent it out myself.

Kent and Ottawa Co. are experiencing fabulous appreciation rates since COVID. 

🏠📈 Real Estate Update 📉🏠Here's the latest market report (based on single family homes) 📊:🏡 Mortgage Rates:30-year conventional rate today is 7.25%30-year VA rate today is 6.65% 💰 Median Sales Price:February: $460,000March: $475,000April: $476,000📈 New Listings:February: 1,669March: 1,845April: 1,914📅 Median Days on Market Until Sale:February: 21March: 16April: 13Some fun facts!

I’m closely monitoring a few tenants as we speak. 1 requested to pay this Friday after payday due to a job change. 1 is $200 behind from last month. 1 got a rent increase but still has this month at the previous rate.

These properties are valued on cap rate and NOI.  

Cheap/low cost isn't always a good option.