All Forum Posts by: Michael Cai

 Thanks you are right I put down 20% so it's about exactly 400% tax free return, I feel like price can still go up as lot of people from the north are moving south to cities like Charlotte, maybe I should hold it for 2 years then sell like someone suggested.

Thanks for all the reply. The house is in Charlotte, I have to pay tax on the gain if I rent it for more than 2 years, so I might as well sell it now? Unless I hold it for a really long long time.. my parents already have a rental property in Charlotte and they are buying one in Georgia, so between my parents and I we will have three properties even if I sell this one. 

The new townhouse I move to in Georgia I have a mortgage of 160k at 6.125% interest rate, so I could pay this off and have 200k+ left over to do some passive investing.. paying off something at 6.125% is not a bad deal. 

It's just this house interest rate is only 2.6% so it's a shame to let it go! but I'm cash rich so cash out would certainly help me one way or the other, sometimes I even take months of between jobs..

It's a hard decision but I'm leaning towards just sell it..

I think I get less than $10k a year income considering all the expenses or vacancies.. also after three years I will have to pay tax when I sell, currently it's tax free since it's my primary home.

What can I passively invest in to get 10%/year?

I would sell if I'm in your shoe, I will not hold a property that's just break even.. and with low potential for appreciation.  

I'm moving out of state and trying to decide if I should sell or rent my current home.., my current house built in 1996 is worth about 630k, mortgage balance is 210k on it. monthly payment is 2100 including tax and insurance. market rent is about 3000k. I have low mortgage interest rate on it is 2.6%. House price has potential of going up more.. (bought in 2015 for 340k)

If I keep the house, I can get 3000-2100 = 900/mo (300 less if I use a management company), also over $1000 of the rent each month goes towards principle.

If I sell the house, I can net a little less than 400k, but what can I invest that into that has better return? Airbnb? Crowdfunding Real estate? buy another rental free and clear?

What would be a wise decision?

We ended up getting a concession from the seller, not a lot but enough to move forward.

The property was listed a little under market by an investor/wholesaler, who never lived there and didn't provide any disclosures and stated that in the MLS.. there were multiple offers, and I put in an cash offer no inspection/ no appraisal after visually inspecting it, so there is no due deligence period. The property itself is ok, the HOA fee difference was a shock.

Still a decent buy at the price, may keep it for couple of years then sell, better than going into a EMD dispute. I agree listing info is not guaranteed in many cases.

Lessons learned is there is more risks in these offers with no due deligence period, especially there was no disclosure, I was in a hurry to jump in and get a contract signed even though seller didn’t provide a disclosure, almost shot myself on the foot.

I'm under contract on a townhouse in North Atlanta, listing has $155/mo on MLS but HOA just notified us HOA fee is $292/mo, which is a big difference. Under Georgia law or RE commission rule, can buyer cancel contract and get EMD money back in this case? We are still working with seller to work out a deal obviously.

I'm under contract on a townhouse in North Atlanta, listing has $155/mo on MLS but HOA just notified us HOA fee is $292/mo, which is a big difference. Under Georgia law or RE commission rule, can buyer cancel contract and get EMD money back in this case? We are still working with seller to work out a deal obviously.