All Forum Posts by: Ryan O'Leary
Ryan O'Leary has started 13 posts and replied 45 times.
@Duc Ong thank you sir! I think I’m leaning towards selling it and aiming for multi-families at my next spot. But again, we’ll see what 2021 looks like when it gets here!
Thanks again.
- Ryan
Originally posted by @Ryan O'Leary:
Originally posted by @Loren Clive:
My thoughts are: one it's too early to make a decision regarding holding versus selling as we don't know where the market will be in 2021. 2. I would forgo the property manager. Find tenants yourself before you leave and keep that 20%.
I don't follow the part where you're using your tenants income as a down payment when you're saying the property doesn't cash flow??
Loren, if I'm able to forego the property manager, I would love to do that. In regards to the tenant income, I am living with another military member that is paying me rent. With their rent, I save approximately $1100-1400/month. Right now, most of that excess is going to paying off my car, but that will be paid off in 2 years. My last year in Hawaii, I'll use that $1400/month extra (plus whatever I was paying out of my own paycheck for the car) and build another down payment for when I move in 2021.
That is when I'll buy a multi-family home using an FHA loan, since I wouldn't be able to use my VA loan/no-money down until I pay it off (to my knowledge...unless the next duty station has a VA cap over 570k, then I could use the VA again).
Hope that clears some information up and I appreciate all the feedback!
- Ryan
Originally posted by @Loren Clive:
My thoughts are: one it's too early to make a decision regarding holding versus selling as we don't know where the market will be in 2021. 2. I would forgo the property manager. Find tenants yourself before you leave and keep that 20%.
I don't follow the part where you're using your tenants income as a down payment when you're saying the property doesn't cash flow??
Hello BiggerPockets community! I joined about a month ago after I purchased my first investment while stationed here in Oahu. It's a 3 bed 3 bath condo in Ewa Beach, HI that I'm living in while renting out a room to a young military couple (all utilities included).
My question is whether or not to hold onto this property after I leave here in May 2021.... I'm tracking on trying to get cash flow every month (after putting money aside for repairs, big projects, etc) with rental properties but I don't think it will be possible with my condo after I leave, especially with the hefty condo association fees and paying a property manager. Should I be okay with paying a mini car payment (approx $100-300/month) once I leave, which would be the leftover expenses from the new incoming tenants' rent, paying a property manager, covering the mortgage, and still covering HOA fees?
These condos have been going up 5-6% every year, so I was wondering if either
1. hang on to it, pay the $100-300/month when I leave and use the income from my current tenants as a down payment on my next investment wherever I'm stationed next. Possibly sell it in 6 years rather than 3.
2. Sell once I leave, use the 1031 exchange and buy a bigger 3-5 unit complex at my next location and put 50-75k into renovations, while living in one of the units. (Wouldn't know where I'm going til 2020, but would most likely buy).
I know it's a lot of information, but I'm thinking ahead for the next 3 years. I appreciate any and all feedback from the community. Thanks again!