Should I rent out or sell condo in Northern NJ?

[Kevin Buck]

First discussion!!!!! Yay!!!!!

I am not a real estate investor (yet). 

Id like to start a conversation debating whether to hold an already owned property and rent it out versus selling. I will post the numbers when i get them (im literally asking for a friend). 

I have suggested he rent it out. He is looking to move in with his SigO but is concerned his rent wont cover mortgage/expenses. Without knowing the details. I believe he bought at an inflated price back around mid-late 2000's. 

Also please recommend specific podcasts or blogs that discuss this as well, if you please.  

Thanks,

-kevin

[Russell Brazil]

Your friend should reach out to @Darren Sager. He is an investor and agent in North Jersey. He could give you a good idea of whether it is worth keeping the unit.

[Kevin Hill]

It will all come down to the numbers. Need those to be able to get an accurate opinion on whether to sell or rent it out.

[Jason Lee]

It all depends on the specific numbers, age of the condo, the specific city/town. Even if the rent covers the carrying costs he could still get crushed taking into account vacancy and future capital improvements/special assessments.

[Vaughn Smith]

@Kevin Buck As others have said we would need more info in order to properly assist you, but, your friend should look into the rules of the HOA first to see if the property can be rented (if he hasn't already).

[Kevin Buck]

Thank you all for your responses.  I knew not having the data/numbers would limit the conversation.

I appreciate you taking the time; once I know more, you will know more.

-kevin