All Forum Posts by: Russell Odom

Thanks for the input, Kris.  I agree it is not a good use of capital.

Hi BP Community, have a situation and would value some input.  First time contributor.

I purchased a new build condo/townhome in Austin, TX 78748 that is just now being completed. A lot of life happened over the last year and I am not confident that it will be a good solution for me to live there for any extended period of time. I have 6,500 invested at this point for the non-refundable deposit and cost for design upgrades. Total cost is 261k and total monthly expenses for P&I, Taxes, Insurance, and HOA will be just shy of 1,600. This is with 25% down.

I have considered trying to turn this into a rental - but the rental comps aren't too encouraging with 1,600 being the most I could rent for.  Probably more like 1,550 if were rented today.

Real Estate and rental appreciation has been strong year over year. But I am trying to decide whether renting for next to 0 in monthly cash flow for a year or two and counting on rents rising is a silly idea or not for a long term buy and hold property.  The alternative would be to back out and lose the $6,500 that has been invested to date. 

Looking forward to your thoughts.  Let me know if there is more detail I can provide.