Updated over 6 years ago on . Most recent reply
New from Ventura, CA
Hi there, my name is Miranda and I’m new to the site and the forums. My husband and I are not new to real estate investing but have some questions.
Some background. We started investing out of state more than 10 years ago, since our area has a very HCOL. We haven’t done much with our properties, life and 3 kids happened and we have been renting them through property managers. We are ready to continue investing, most likely out of state, but are not really sure what to do with our existing properties.
Property number is one is located in Layfayette, Indiana and is a 3 plex. This property has very little equity (around 20k) and until recently cash flowed about $300/month. We have had a series of problems with property management and deferred maintenance over the last year and had negative cash flow for the first year ever. We just signed on with new property management and are hoping to see it turn around.
Second property is located in New Braunfels, TX. Does not cash flow at all, breaks even each month. We have about $150,000 in equity in this property.
We would appreciate any advice you have on these two properties. Our thoughts right now are to keep Layfayette and hope it begins cash flowing again and sell Texas, using the equity to purchase 1-2 properties to rehab and rent for cash flow (BRRR model).
Any thoughts? Thanks in advance!