All Forum Posts by: Russell Harris

Toby D. Welcome! I only have one SF in Metairie right now, but I'm looking for more. Especially interested in multi-unit. Maybe we can chat or meet up sometime? Keep up the good work and enjoy BP!

Lloyd Stanton Patrick Parry Thank y'all so much for the feedback and sorry for the delayed response. Given your, and others', input, I've decided to keep the property. On to the next one! Happy investing gentlemen!

#askBP

Hey BP community. I have a conundrum that I'm hemming and hawing over. My one and only rental property is my first residence. I've been renting it out for about 2.5 years and my tenants have informed me that they have put in an offer on a house and, if all goes well, will be breaking the lease and moving out in 2 months. Here's where I'm stuck:

As a rental, the house cashflows around $250 a month. However, I have about $12,000 of equity in the house. I'm torn on whether I should continue renting it out, or sell and invest the 12k into other property/properties that may cashflow more.

I'm really anxious to grow my portfolio, but I have to make calculated risks and don't want to move too hastily. That being said, I don't want to get stuck in analysis paralysis either.

It's also worth noting that I utilized a first-time-homebuyer's loan through my parish (county) and if I sell the house I will have to pay back a nominal penalty (rules stipulate it has to be owned for 5 years to avoid penalty. I've owned it for 3.5 years) of around 1 - 2 thousand.

Any and all input is appreciated. Thanks y'all!

Josue Colunga welcome! I'm a newbie in New Orleans! Not sure how much help I'll be, but I hope you have massive success! BP is an amazing resource and if you haven't already listened, the podcasts are AWESOME! Good luck!

Curt Herge wow that's great! I'm sorry y'all had that hang up, but at least you'll know to be more vigilant and cautious from now on. Congratulations and good luck in your future investments!

$1500 on a 1,000sq.ft. 3br/1.5bath single-family - Metairie, LA (10 minutes west of New Orleans)

Kevin Hunter Thanks Kevin! It was a life-changing call for sure. Good luck in Virginia!

Timothy Kangas I'm looking forward to seeing how this develops for you. I'm a 28 year old newbie to the game as well and looking to follow a similar path as you. Good luck! Keep believing in yourself!

Mark Pavlak Thank you so much for replying. Admittedly, sometimes I get an inkling of self-doubt about starting this journey, but when veterans of the industry come along and reassure me, it gives me that peace of mind that I'm making the right decisions. Good luck in your market!

@Stephen Leonard Thank you so much! This site and community is an invaluable asset and I can't wait to expand my network. I look forward to talking to you in the future!