Fort Walton Beach, FL · Member since 2017 · 1 post · 0 votes
I am a active duty military member that purchased my current home three years ago with the intention on renting it out when I leave. I bought the house as is and it needed upgrades. Currently I'm looking at putting $12K in the kitchen and bathroom to have it upgraded. The floors have been redone, the roof has been replaced, and I am getting the ceiling done next week. Currently my mortgage is $1104 with taxes and insurance. I bought the house for $116K with a 15 year mortgage and a fixed rate. The location of the property is in the middle of two military bases, so I know that I would be able to rent it out, but I don't know if I should try to sell it instead. I feel like long term, renting it would pay off but I won't be making much money in the beginning. Any thoughts or suggestions will be greatly appreiciated, thank you.l
Real Estate Agent · Dayton OH (dayton, oh) · Member since 2016 · 194 posts · 123 votes
9y
Hello Juliette
First, let me say thank you for your service!
Second, You have to check your numbers on both options and see which one works better for you. You can always enlist a real estate to give you a market price opinion based on the current condition of your property. There are many ways you can find these numbers out yourself as well.
If you would like some assistance in putting together your numbers, feel free to PM me
Rental Property Investor · San Antonio, TX · Member since 2015 · 29 posts · 14 votes
9y
Hi Julie,
You may want to run it through the rental property calculator or the BRRRR calculator here in BiggerPockets. I believe it's biggerpockets.com/calc . Since you already have been in the house 3 years, many of your numbers will be fairly concrete. Also, @Brandon Turner made "How To Rent Your House: The Definitive Step by Step Guide" which can be found at https://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/
Good luck and I hope you got the orders you wanted.
Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
9y
@Juliette Howard, welcome to BP. I am also a current active duty military member so it is great to have you here. It is very difficult to provide feedback without knowing how much rent you are collecting, what the taxes are, etc...
If you can provide a bit more information, I would be happy to give you my opinion.