All Forum Posts by: Nick Grenon

HI i'm looking into potentially buying property in South west Florida.  Currently looking at Cape Coral area.  

Does this area have a good rental market?  Are there better towns then others to buy property in? 

Are there any gotchas in that area to be concerned or worried about. 

Are there any known and good property managers in that area as well. 

Thank you 

@Sam Shueh

Thank you for your response

@Sue K.

Hi Sue my primary residence is 3.25% as I bought it in 2012 and got a great rate then. I think I am still paying some pmi currently but it is minimal I believe.

@Greg Powers

I agree and condos tend to plummet first and rise last from what I have seen in my limited watching since owning the condo. I believe some in the complex have recently sold for 110k-115k don't know how much higher they will go.

@Dave Foster. Thank you Dave for the input this is a very good point. I agree with you and originally it was to far upside down when I bought my house. But In New Hampshire and the Northeast the return isn't as great in other areas so I need to figure out where I want to swap the property to.

@Bill Brandt

I'm leaning toward that way and buy another property no rent somewhere in like the Florida market. Yeah I would have to put the money towards a property with that 1031 exchange.

The HOA fees are the real killer and up here the rental market isn't as good for roi

Hello,

I have a condo in NH I bought it for 130k in 2004. Then in 2012 I started renting it out and bought the house I live in. Then in 2013 I refinanced the condo for a lower interest rate (3.5 from 6.84when bought in 2004). I currently owe 56k( mortgage will be fulfilled in Sept 2028) on the property with my mortgage with insurance and property tax is 917 a month and the HOA fees are 300 a month. I rent it long term rental for 1000 a month and current market value is around 115k for the condo.

Do I use the equity in the condo to buy another property or sell and then buy another property.

I would ideally like to buy somewhere south where it is warmer.

Thank you

Nick

Hello,

I have a condo that doesn't really make money and my house I live in. I would like to increase to another market down south where it is warmer. I have the condo rented for 1000 a month. But mortgage with taxes and insurance is 917.57 and 300 for HOA fees. I owe around 56500 will be paid off in September. 2028 and market says the value is around 110k currently. I bought the condo back in 2004 for 130k and this is the highest it has been since the market rebounded. Is the best option to sell the condo and buy a property down in Florida? Or to use the equity in the condo to buy another house down south?

Any input or advice is appreciated.

Thank you