All Forum Posts by: Bruna P.

Thank you so much for the advice! @Eddy Dumire Yes, we are planning on listing our property during Spring 2018, and yes we are also planning on investing in the Stafford/Fredericksburg areas.   

We will keep that in mind.  Thank you  @Thomas S.

Thank you all for your feedback. Yes we are in Lake Ridge VA (about 40 min from DC) looking to buy into Fairfax County, you can actually find older townhomes for 400K in places like Burke, West Springfield (Fairfax County) so that will be our next move. We will sell our current residence and invest the proceeds in a rental unit in the 200K price range (it will have to be Manassas, Stafford or Richmond, VA)

Thanks again!

Thank you for your response. I think selling and reinvesting is the best option.

Hi,

I'm new here but have found valuable information on this site so I decided to join.  We currently own a townhome in Virginia since Nov 2015.  We are now debating about selling it vs turning it into a rental property since we are planning on moving to a better school district.  See details below:

Primary Residence: Northern Virginia

Purchase date and price: Nov 2015 - 325K

Loan balance as of today: 297K

Monthly mortgage payment: $2058.00 (30 year fixed at 3.625%)

Home value: 350K-360K  (based on 4 renovated townhomes that sold during summer 2017 in or close to our street)

Our home has been renovated too: new hardwood floors in main and second level, new kitchen cabinets and tile floor, two updated bathrooms, lighting fixtures, etc so it can possibly go for a little more than 360K but not more than 370K

Rentals are going for: $1700-$1800 in our area.  Not sure how easy is to find a tenant though.

We can probably refinance into a conventional loan and drop PMI or get a lower PMI rate since our townhome has appraised in value. If we refinance our estimated monthly payments (30 year fixed) could be around $1800-$1900 so we wont make any money on a monthly basis.

or

Should we just sell it, and take 40-50K (gain) add some savings and put 20% down to our new home which will probably be in the 375K-400K price range.

What would you do and why?

Thank you in advance for your time!