Selling WA home to buy in FL

3 Replies

Hey BP,

I have had my home in Oak Harbor, WA since 2006. I got divorced and kept it, I refinance because of the divorce. Since 2010 it’s been paying for itself, no real income from it. Since getting my license I been wanting to get some income producing properties.

I just want your thoughts, I am thinking of selling the WA home and using the proceeds to possibly buying a condo or two in Kissimmee area, to AirBnb (due to location to Disney). Some of the condos come with property management.

Yesterday, I was talking to my friend at work, and he has me thinking about buying property in Puerto Rico due to home values or at least what he got his for.

@Aaron Arce

Have you been trying to manage it remotely or do you have someone there in Oak Harbor?

Have you made sure to comp the rents and keep up with the times? Check hotpads, rentometer, craigslist, zillow, etc because rents have really shot up a lot lately. If you've had it since 2006, there's really no way you shouldn't be generating a decent cashflow on it by now.

I would be hesitant to sell a property before trying a few different things to make it perform. You could potentially take equity on it with a HELOC and go secure the new places you want with that.

Did you move to Florida? Otherwise, I'd probably say there are closer places to make a buck.

@Aaron Arce I am in the same boat as you, only several years later.  Obviously everyones goal is different, but I am going to use my primary as a rental, for gaining experience in LLing.  I'm going to find another primary to move into for a year or two until I can do it again.

@Geordy Rostad I have it rented though Windermere because first I lived in HI, Cali, and now Orlando, FL. A CMA showed it with comps showed it's worth around $292k and pay off is $206k end of July. Rent is $1550 right now it's a 3bd 1.5ba.

Since I have MLS access I want to potentially buy a quadplex.