Currently own these 3... what would a PRO do?
Loving BP and blown away by all the wisdom here! My husband and I became landlords without becoming investors (by buying new homes, and renting out the others). Code name: we knew nothing. We are now trying to turn this around and become more savvy investors! Loving the potential for greater retuens/cashflow out of state... and hating how little our return was on these.
Here are the stats... cash out/1031/heloc/rehab/other?
#1: value: 360-390K, owe 160K. Rents (below market) for 1750/mo. Long-term tenants (9yrs)... Market rent around 1950, up to 2150 w improvements. Zero maint/repairs for 2017... low maint tenants, built 2002.
#2: value 450-460K, owe 300K. fairly upgraded "Executive rental" rents for 2400. (Very High end of market). Before maint/repairs (currently turnkey) and assuming zero vacancy, a LOSS of $500/mo. Excellent schools, well appreciating area.
#3: newly inherited 1970 OC home. Value 650-700K. No mortgage, rents for 2450. Constant stream of repairs, and not local, so $$$ (and poor) property management. Since its newly inherited, no tax implications to 'cash out' and sell. Might have potential as a flip home, as most is original 1970.
Would love opinions!