All Forum Posts by: John Furey

When you say your payments on the property are $2,700.... what do you mean? The PITI? Or PITI plus all other normal expenses (vacancy, excap, maintenance, management, etc.) How much are you actually cash flowing each month?

It sounds like you may be able to pull some equity from your present property - this would allow you to purchase another home, get rid of your monthly rent bill, while keeping the original property in the black and covered by rental income. Alternatively, you could also sell your present home, house-hack a duplex (or 3-4 unit) and again.....lose that monthly rent payment.

None of us can actually answer your question without more numbers, but it sounds like you have some good options.

$2700/mo just the PITI. So cash-flowing about $500/mo not including other operating expenses. Thanks for the advice!

0 Votes

Chicago, Illinois

Hi - I currently own an Investment property. My payments on the property are $2,700/mo and it currently rents for $3200/mo. I bought it in 2016 with a 30-year fixed rate mortgage on it at 3.5% interest. The remaining loan is $330,000 and the appraisal value for the home is currently $500,000.

Outside of an employer 401k and the equity in this property my wife and I don't have very much savings. We are currently renting but are planning on starting a family and would like to purchase a single-family home for us to live in. We would also like to get into more real estate investing.

Given that we have a cash-flow positive rental, want to purchase a home for ourselves, and also want to pursue other investment properties. We are looking for some financial advice on the best path forward given that nearly all of our savings are tied up in the current rental property.

Does it make sense to sell the current property and use that profit to fund both our house and an investment property? Or does it make sense to pull the equity out of our current investment property?

Happy to answer any additional questions you would have and any advice would be greatly appreciated!!

0 Votes

Chicago, Illinois

All Forum Posts by: John Furey

John Furey has started 1 posts and replied 2 times.

Post: Need finance advice given current investment property and best path forward

Post: Need finance advice given current investment property and best path forward