Updated over 6 years ago on . Most recent reply
Leasing New Construction Home
Hello all,
I'm new here and have already began reading many great posts regarding being a landlord and investing in real estate. Excited to have stumbled upon this awesome community.
With that said, I wanted to post about my current situation and how I've found myself here.
We purchased a new construction home in a booming area in June of 2018. We don't have much equity in the home as we are first time home buyers. There is still a lot of new construction going on around us, and the home has appreciated about 20k in value since purchase (comparing to cost of building the same floor plan). We really want to keep this home as it is in a desirable area and has a lot of potential.
We need to move for my job, and are in the process of purchasing another home on the other side of town. Due to the above reasons, and competition from the builder when potentially trying to sell, we feel it is better to rent out the home. Luckily we can get by with paying two mortgages, but obviously this will make things tighter than they typically are. I have done research on homes renting in our area and there are a decent amount, and it even seems I can generate a cash flow of at least $200 a month, so I think there is hope for our plan.
This doesn't seem like the typical path that those find themselves in real estate investing so I was hoping I could find some advise on the matter here. What would you do?
Chris