All Forum Posts by: Lou Migliaccio

Being rented isn't it essentially paying for itself? Aside from maintenance which hasn't been an issue the property gives me no problems. Yes, it is because of the age of the roof. I thank everyone for there input, helps me immensely to make a decision!

@Sam Bleek I live in Boca also. I am looking for a few projects right now. We should chat.

I really don't think the value will of this property increase all that much. The roof is actually in good shape but the insurance company is not wanting to renew the policy.. 

As long as the House has a kitchen and operating bathrooms you should be ok. If the roof is collapsing and the house is filled with mold then no. 

Thanks for the replies. This wasn't originally purchased as a investment property. I could do a refi and probably drop the monthly cost a little bit but then I am rolling in additional cost of the refi to the balance. I was thinking of selling and take the 70k I could get out of it and re-invest locally. Like I said I do not want to make the wrong choice, sell and regret later on. Putting a new roof will cost me around 7000.00

Hello all. I hope this is posted in the correct spot. I own a rental property in Sarasota Fl. Here are the stats:

Single family 2/1/1

Purchased for 159k in 2004

Owe 115k

Mortgage/insurance/taxes/hoa are 1300.00 a month

Currently rented for 1425.00 a month

Current value is around 195k

I redid the entire house in 2004 (except roof) but now the insurance company will not renew my policy unless I re-do my roof.

I live on the east coast so I cannot maintain the property on my own.

Question is. Do I sell and re-invest into something else closer to me, is the market too high right now, best thing is to sell and wait, hold out? etc.. I own a couple of restaurants so I was thinking either buy another rental property or open another location for business. I just don't want to make a mistake selling this property...

Thanks for all your help.