What would you do (by Josh [VA]) Apr 22, 2019 7:54 AM|
What would you do (by BRAD 20,000 [IN]) Apr 22, 2019 8:03 AM
What would you do (by David [MI]) Apr 22, 2019 8:07 AM
What would you do (by AllyM [NJ]) Apr 22, 2019 9:09 AM
What would you do (by Oregonwoodsmoke [ID]) Apr 22, 2019 9:39 AM
What would you do (by Robert J [CA]) Apr 22, 2019 10:22 AM
What would you do (by Josh [VA]) Apr 22, 2019 11:01 AM
What would you do (by DJ [VA]) Apr 22, 2019 12:17 PM
What would you do (by cjl [NY]) Apr 22, 2019 12:29 PM
What would you do (by Txlord [TX]) Apr 22, 2019 8:46 PM
What would you do (by Deanna [TX]) Apr 23, 2019 1:17 PM
What would you do (by plenty [MO]) Apr 23, 2019 3:10 PM
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What would you do (by Josh [VA]) Posted on: Apr 22, 2019 7:54 AM
Hey everyone I asked a similar question previous but may have left out some info from the comments. Just wondering what you all would potentially do under the circumstances :
-house in best area of the city
-walking distance to downtown and hospital, school
-purchased for 220k
-mortgage +utilities 1800/month
-worth around 330k
-Would net around 90k after all fees and holdings
-could rent for around 1500/month
Any other strategies or thoughts are appreciated. Sell, pull money out of it, rent again, airbnb it(even though the city is cracking down to get rid of them) , rent to own or whatever you all would do.
What would you do (by BRAD 20,000 [IN]) Posted on: Apr 22, 2019 8:03 AM
-$300 per month? No.
In MY state the RE taxes triple if a personal residence becomes a rental.
What would you do (by David [MI]) Posted on: Apr 22, 2019 8:07 AM
Don't pay for utilities? How much is the PITI without utilities? --144.250.xx.xx
What would you do (by AllyM [NJ]) Posted on: Apr 22, 2019 9:09 AM
Contact a real estate professional and ask if houses are selling well in that area and put it up for sale. People are moving around this time of year. Not good that you can't get enough rent. Who told you the amount you mentioned? Might be a dr. out there who would like to walk to work. That rent is too low for what you describe. You did not mention number of bedrooms and amenities. If you got this info from a RE pro, find a different one. I would sell it. Some experts on Fox this weekend suggested that Freddie and fannie need to be giving out fewer mortgages to the unqualified so I would move on this now. --173.61.xxx.xx
What would you do (by Oregonwoodsmoke [ID]) Posted on: Apr 22, 2019 9:39 AM
How much growth in the area? What is the quality of the area surrounding it?
Stop paying utilities and it should be breaking even. That's the game we play of the west coast. Try to get a property to pay its own way and make a lot of money when we sell. --98.146.xxx.xxx
What would you do (by Robert J [CA]) Posted on: Apr 22, 2019 10:22 AM
I've had homes in the "best" area's of my city also. Holding time from 5 to 40 years. I've seen 3 up and down cycles in values but the rents stay around constant. I've looked forward on the City's planned development. Noting schools, transportation (bus ways, rail ways and subways). I paid special attention to the City's Planning Commission and "grants" for neighborhood upgrades.
Worst interference on my investments:
a) economy and job loss in the aerospace industry (lost over 200,000 jobs)
b) 1994 Northrige Earthquake (damaged found in 1 or 4 homes)
With real estate we have the tenants paying off our mortgages. Values and the cost to rebuild keeps on going up over time. What else are you going to do with your profits after paying the "Taxes"? So long as you are diversified and have assets in other investments -- then you're okay to hold and some day when your mortgage is paid off-- you're going to have more money than ever before.
What would you do (by Josh [VA]) Posted on: Apr 22, 2019 11:01 AM
Sorry, without utils it's about
1400/month.past few months I've been using it as an airbnb losing a few hundred each month.
5 bed 3.5 bath
Awesome area around it too --174.226.x.x
What would you do (by DJ [VA]) Posted on: Apr 22, 2019 12:17 PM
Only you know how long you are willing and able to lose a few hundred a month.
My advice: Sell now while the market is good.
Regroup/ recover financially.
Learn more about finding better deals - and how to manage well. Attend bootcamp
Then invest again, wiser.
You can see the potential in RE investment, so don't be too discouraged - just need to continue educating yourself so you do it better. Then DO it - better. --68.10.xxx.x
What would you do (by cjl [NY]) Posted on: Apr 22, 2019 12:29 PM
I think I must be missing something here … it's in "the best area of the city" but you can only get $1500 per month in rent and your expenses (without utilities) are $1,400 per month?
Yikes … I'd sell it if you aren't going to live there. That's crazy. --69.201.xx.xxx
What would you do (by Txlord [TX]) Posted on: Apr 22, 2019 8:46 PM
Depends if you have other rentals and also if you need the money for other better investments.
Me, would keep it and let the tenants pay the mortgage and let it appreciate --72.180.xx.xxx
What would you do (by Deanna [TX]) Posted on: Apr 23, 2019 1:17 PM
This is a house you had originally bought to be a rooming house, but local ordinances prevented you from doing so, correct?
You've tried using it as a rooming house. If you can make the numbers work with four people instead of five, do it. But that hasn't seemed to have been your path.
You're trying to AirBnB it. If you can make the numbers work with a steady influx of out-of-towners, do it. But that doesn't seem to have worked.
It's a big 5-bedroom in a good area. Rent it to a family, if you can make the numbers work--- I don't remember if you've tried that?
Otherwise, sell it to someone who wants to live there, and reinvest your money in something that's smaller, humbler, and more manageable.
It's a tool. Don't fall in love with your tools. If it's not doing the job it's supposed to do for you, get rid of it, and spend your time/money/stress cultivating other things that do the job better than it did.
You might consider getting rid of the one big house, and buying two or three smaller, humbler houses in a working-class neighborhood. Yes, it's more systems that can fail-- roofs, plumbing, electrical, heat & air. Yes, it's not one place bringing in $1400/month... but if you have two or three places bringing in $800 or $900/month, and no utilities to carry, you're ahead, and you have a bigger tenant pool to choose from. And it's easier to deal with vacancy and turnover when stuff is spread out.
But don't fall in love with your tools. --96.46.xxx.xx
What would you do (by plenty [MO]) Posted on: Apr 23, 2019 3:10 PM
I would re read the answers to my other post... sell. --99.203.xx.xx
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