I'm reaching out seeking some insights and advice regarding a rental property I currently have listed in Greenwich, CT.https://www.zillow.com/homedetails/33-Talbot-Ln-APT-3-Greenw...I have a beautiful 3-bedroom, 1.5-bathroom townhouse available for rent, featuring amenities such as central air, a spacious deck, a one-car garage, and an attic, along with one designated parking spot.

I live in NJ, and it has a very high cost of living and with the current rate of interest, makes it a very pricey market so to say, and not that investment real estate friendly.

Current revenue last 3 years (as worked part time) is 75-95k annual but is not near its potential of 150-185k annual. 

Borrowing from the equity must be done wisely or you will end up with negative cash flow and at high risk due to over-leveraging.NOTE: I use interest rates much lower than they currently are in 2024!

Currently looking to connect with other investors in Georgetown/Jarrell Temple/Belton area.

The new mortgage on the new $340k duplex home which is an FHA loan is going to be a monthly payment of $2800 and we will refi ASAP (the current rate is 6.7%) when rates go down.We have done some nice improvements on the SFR and will be refinishing the wood floors before a renter moves in (July 1) so feeling like it's a great opportunity for the right long term renter and we plan to screen prospective tenants well.We are taking a $20k HELOC on the SFR for the downpayment and plan to pay that off within 12-18 months.

I called a successful investor I met at local meetups who helped me walk the property (first time for me) and estimate a rehab budget so I can run the numbers and figure out what I can offer in the current market.

I also know people who are currently doing this.

We are currently spending $20-30K per month on marketing.

Simply put, it will not last for over a month.Therefore, IF I want this property, I cannot wait for my current rental to sell, get the funds in the 1031 Exchange’s escrow, and THEN pursue this house, as it will certainly be gone.