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Hawaii Real Estate Q&A Discussion Forum

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Randy Gaona
  • Kapolei, HI
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Renting out my house doesn't meet the 1% rule...sale?

Randy Gaona
  • Kapolei, HI
Posted Jul 27 2017, 05:05

First time Posting

So I originally bought my first house for $409,000 using my VA loan on Oahu. Took out a 30yr fixed 3.25% rate and have lived in the house 3 out of the last 5 years. I stayed in the house for 3 years and my wife and I decided to move out and rent it out. The house has been rented out since July 2015 but my rent is $2650 - HOA($408) - Property manager(10%) etc. Would like some advice on if If i should continue to rent this property out or put it on the market for sale? I continue to pay out of pocket a little each month for this property. My ultimate goal is cash flow which i'm not currently getting. It also doesn't even come close to the 1% rule i've read about and would be forever in a day before I get to that point it feels like. I know the housing market in Hawaii is good right now and a lot of houses are going for over asking price but I believe with the money I could get out of selling the property i could buy a nice house in Texas where i'm originally from. I would like to hear your thoughts good or bad, Thank you. Property address is 91-1155 Kakala st. #208 Kapolei hi. 96707.

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