Real Estate Agent 路 Denver, CO 路 Member since 2017 路 38 posts 路 10 votes
Recently moved out of our SFR in Palm Springs, Ca due to my wife getting a promotion with Marriott we moved to Denver. My house was paid off as a gift from a family member. My question is should I keep the rental and refi or HELOC to get a place out here in Denver and also another income property using the Equity. Or should I sell the existing property...
Property Facts:
Property Value 275-290k
Rent $1750 ( could be more but I cut the price cuz I needed a tenant quick and He鈥榮 trustworthy)
Property Taxes $5200 annual ( has Mello Roos 馃ぎ)
HOA $150 monthly
My tenant has mentioned buying the place which would help me because im licensed both in Cali and Colorado so Id save the commission . Kind of a unique situation that I need experienced ensight on...
@Wyatt Degaine Welcome to Denver! I would consider selling it. As your primary home, you save on capital gains. I would consider using a little bit of leverage. Maybe buy a property FHA here in Denver, and then purchase an investment property elsewhere.
I would sell it since the rent is far too low based on the value of the property. $290 K cash sitting dead in real estate is wasted. With a investment value of 10% that is a lost income of $2400 per month. Your property is very deep into negative cash flow.
@John D. I sent you a connection, definitely going to sell it at this point. Also I saw you invest in the greater PS area primarily in high end. I may have an opportunity for you. Thanks for the advice.