All Forum Posts by: Kevin Fitzgerald

Help! Should I sell or rent my current residence?? Had some life changes, and like every plan, time to pivot.

IF I SELL: Assuming it sells for $350k (Appraises for $371k) I should have about 90k equity. I have a 30 year loan at 3.125% (just refinanced from a 15 yr to a 30 to free up DTI) and I put $40,000 down when I first bought it. Monthly payment is $1051+ 781 PI= $1,781 a month.

GOAL AFTER SELL -I would take that 90k-21,000 (6% fees)=$69,000 and get a 2- 4 rentals

IF I RENT OUT: $2,500 / MONTH (cash flow =$719/ MONTH) A house 2 houses down is getting $2,700/month

I am worried about the monthly payment getting paid by tenants has anyone rented out a home that much with success?

Would my ROI be calculated correctly?

ROI= ANNUAL RETURN $8,628 /47000 =18.36%

($40K DOWN+$7,000 REFINANCE COST)=$47,000