Generating Cash Flow in Tacoma
Hi all,
I think I have finally reached the stage where I am ready to start investing in real estate and was hoping to get some insight into a couple of questions I had.
I'm 33 and currently own a home in Parkland (1650sq ft, 3 Bd, 1.5 Bath, with relatively updated interior, and 7500 sq ft yard) that we paid $210k for 6 years ago. The house is about 1/2 paid off with ~$350K in equity and am looking to upsize/relocate for my growing family. My plan right now is to refinance (from VA to conventional 30 year) and rent out this home when we move and charge ~$2300 in rent. After accounting for all monthly expenses (including property management), I am expecting to generate ~$1000/month in passive income. Would this be a good move or should I just sell and take the equity?
Second, I have about $100k in cash that is available for another investment property and am struggling to find anything that is cashflow positive, single or multi-family, in Tacoma or the surrounding area. I have a good income and the rest of my retirement savings are in order, but am looking to build my family's wealth. Any suggestions on finding a worthwhile property? I want to be more hands off for all of this and would be utilizing a property manager for all investments.
Any help would be greatly appreciated!