All Forum Posts by: Michael Ritrovato

@Brian Garlington yeah looking on rentometer the rent is as high as I can take it for that area. And there isnt enough room on the property to build on to it much.

@Irina Belkofer thanks for your advice. Yeah I sent my PM a message to list it for sale

@Wesley I. I have looked at a refi and no one can beat the VA loan rate of 4%

@Allan C. Thanks for the expert advice

@Kyle Tipton It is in Jacksonville NC. And I emailed my property manager to see if they can list it to see how much I can get out of it

I Bought the property for $125,000 and it is worth about $127,000 and it's in NC. Not much appreciation in property there. Or at least that is what Zillow is saying it's worth, however there are houses around it that are going for $150,000. How do I get an accurate value on what it is worth? And I am looking at doing a flip in CA where I am at, which is why I'm looking at getting rid of it. 

I have a 4% fixed loan. And similar comps for rentals in that area are at $950. 

Thanks for the straight forward honest advice. I think I have just been hanging onto it on just cause. I haven't really looked at the numbers until I came across BP recently. This is an awesome educational website. 

So here are the details on a rental property I currently own. I bought a single-family home back in 2007 with a VA loan. I am currently renting it out for $950/month. My mortgage is $822 but I pay $950 just to pay over on the mortgage, annual taxes are $750 and no other expenses, other than 10% management fee. It is rented out and has been rented out consistently for a while now. I have about $30K in equity in the house now. The question is... Do I sell the house and use that $30K to invest in another property to flip or hold it? Or do I just sell it and use the $30K to get out of debt. I have about $30K in debt. I'm at a loss here.

Thanks for any help guys and gals. 

Ok. Thanks