Having only accounted for mortgage, insurance and HOA you will never have positive cash flow from this property as a long term hold. You have neglected to account for all other operating costs associated with a rental property. In addition your 100K in equity is costing you at least $416/month in lost income based on a oportunity value or 10% and a mortggae interest rate at 5%.
There is no way you should be holding this property as a income investment. The numbers simply will never work out positive.
Now that you have left your previous job, how do you plan to finance the properties you wish to acquire?
$100K Is too much to have wrapped up in a property with no cash flow. Thomas S. is correct that you haven't accounted for maintenance, tax increases, and other variables. And even if you do get $300/month that's not a very good return on your money. I know some investors have a business plan to hold and make money on tax savings, appreciation, and debt reduction, but you said your goal is to have multiple properties, so unless you have a lot of cash I don't see how you could accomplish that without better leverage.
I left my day job, to pursue Real estate sales, and mortgage lending full time. Hopefully once I master that I should be able to prove to the banks I’m able afford financing on there properties...
I am definitely leaning towards selling, I was thinking I can purchase something with in norther florid our out of state with the profit I make. Is that a good idea?
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