Shifting from W2 career to Full Time RE
I recently left my career in hotel event planning and group sales because I decided that if I am going to be spending 60-80 hours/week working, I would rather put those efforts towards something that will yield better financial outcome.
My husband and I own 2 properties, both purchased as our primary residence at the time.Not understanding how to evaluate these purchases for cash flow has left us in a sub-optimal position for our budding RE portfolio. I’m posting to help me gain focus, but I welcome comments and suggestions!
1. FL Condo: Purchased 2007 $142k, Refinanced 2015 30yr fixed 4.9%, $89K loan balance. Mortgage $628, HOA $130, Condo Assn Dues $260. Rented for $1175, take home after 10% mgmt fee is $1075.50
*converted to investment property in 2011 at bottom of market, tax value was $50k. Concerned about basis when I decide to sell
**Orlando market is finally coming back to pre-crash levels and home values expected to rise up to 35% by 2021
2. SFH iN suburb of Dallas/Ft Worth: Purchased 2015 $242K, 5% down +ClosIng, total cash $11K (VA loan), 3.65%. Current value $275K, $228K loan balance, Self managed, Rent $1995. Mortgage/Tax/ins $1930, R&M $175.
NeIther meets the 1%+ rule. Both In growIng markets. Trying to decIde if we should sell one or both for cash for better buy & hold rental Investment wIthIn next 6 months. Currently lIvIng & renting In Nashville, TN
Most Popular Reply
@Liz Ridgway. You are an inspiration! My exact industry and roles that I am moving from and into RE full time ( just not there uet ) . Well done you !!!