Good day all,
I have been listening to the podcasts for months now and recently created an account here. After reading about twenty books, podcasts, and tons of research on real estate I figured out that it's something I am interested in. The first property I bought was a condo, two years ago, and have moved out recently, fixed it up and am on the fence of selling or renting it. Thanks to certain life circumstances I have had to put real estate aside for almost a year and I am hesitant about trying to pursue it again. I definitely have been in the shadows lurking around for a good while and couldn't figure out where to write an intro piece so here it is. The 20th podcast reminded me to actually go and do it haha.
My goal is just to see what happens currently. I do not have any specific plans as of yet since a lot of things are up in the air.
Hey @Tim Ivanchuk ! Welcome to the site! It's great to have you here. Feel free to ask any questions in the forums.
Welcome to BP! I’m an investor from Lincoln NE also. There is an awesome monthly meetup in Lincoln at Grata Bar on the 2nd Monday of the month at 7:00p. Hope to see you there.
As for your condo I would run the numbers both ways. Figure out how much it would cashflow as a rental, with factoring for vacancies, cap ex, repairs, and management, and hoa. And then figure out how much you would make from selling it. Sounds like you wouldn’t have to pay capital gains tax since you lived there the last 2 years, and your equity might serve you better if you put that money down on an intentional investment property.
If you have any questions or need help feel free to reach out. Or if you’d like to see sold comps for your condo my husband is a Realtor and he can help you out with that.
Welcome to Bigger Pockets.
I recently moved to Lincoln and moved states twice in the last 2 years. Each time I considered turning my house into a rental. The best advice I got was "Would you buy your house (at the price you are planning on selling it for) as a rental?" If not, like Megan said above, its probably better to sell and invest the money towards an intentional investment property.
Welcome to the BP family @Tim Ivanchuk ! Glad you joined the best real estate investing website! Here are some recommendations for you:
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Wishing you the best!
Thanks everyone! I actually just signed the lease last week and rented it out. So it's my first step in the buy and hold game.
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