Condo Advice PLEASEEE
I’m a 25 year old active duty sailor and I bought a condo at $127,687 with 3.75% in January 2018. I currently have $123,687 left on the principle. Mortgage and condo fees are $729.21 and $240. It’s 3 bed 2 bath with one of the rooms being a loft built in 1988. I’ve replaced the 13 year old HVAC system. I have a roommate paying $550 with the other room waiting to be renting out. I personally feel like the condo fees are impeding potential cash flow. I’m unsure of my next step but I have options and would like experienced guidance if possible.
Virginia Beach, VA
Option 1) I could continue renting rooms out while living in the loft. Master bedroom at $600 and second bedroom at $500.
Option 2) Possible refinancing after 2-3 years. Currently equity sitting at a ballpark of $10,000. Use HELOC to invest in more.
Option 3) Use as a Short Term Rental this upcoming summer on Airbnb.
Option 4) Sell sooner than later and move aggressively towards Single-family homes, duplexes, triplexes, etc.
My immediate goal is to increase cash flow.