General Landlording & Rental Properties

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Michael Orlando
  • Rental Property Investor
  • NJ
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Sell, Keep or something else for rental property??

Michael Orlando
  • Rental Property Investor
  • NJ
Posted Aug 13 2019, 12:39

Hello!

I was wondering what others might do in the following scenario as I have a rental property from the first condo I bought in 2010. It is in pretty good shape located in East Brunswick NJ.

2 bedroom 2 bathroom
Currently being rented out and they just renewed the lease until Oct of 2020.
Mortgage is $1500
HOA is $260
Rent received is $1625
So technically I lose about $150 a month and probably put $500 in repairs in to the place a year.

I owe $178,000 on the mortgage with 26 years left on the mortgage (I bought in 2010 and refinanced in 2014). A few comparables in the area just sold for $190,000 - $205,000.

I am patient and would like this to be a med-long term investment....

any thoughts would be appreciated...

Thanks 

Michael 

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