All Forum Posts by: Dominick Di Fiore

 Thanks for the response, definitely something I considered. Wouldn't I be exempt from cap gains tax under $250k filing single for the year anyway? Not sure if I'm misunderstanding

Hello! I've just found myself in an interesting situation. I'm very interested in RE investing and wanted to run my ideas by some experienced individuals.

I recently purchased a home built in 1942 in February 2021 in the Buffalo NY area, I'll be moving out of area for my partner's work in the summer. I'm currently weighing the options of selling vs. renting out my home. Current situation is as follows.

Current Home:

SFH in Grand Island, NY - Mortgage - $1200 2.75% 30 YR Fixed

Zestimate rental monthly is $2,100 but I'm not super aware of rental pricing here. I purchased the home for $182.5K and it's now valued (zestimate) at about $220-230k. I put 10% down and there's about $158k remaining on the mortgage which would put me at about $65k in equity give or take I believe.

I want to purchase another property when I move but I also think this might be a great opportunity to get my foot in the door for RE investing.

Any information or incite would be greatly appreciated! I'm not too familiar with how I would rent it out if possible, how to go about finding a property manager if needed, how much of a cut they generally take, etc.

I'm still fairly young and without selling this home it's unlikely I'd be able to buy another immediately depending on where I went.