All Forum Posts by: Sean M.

Hi all!  Thanks for your replies.  I really appreciate the feedback, and it confirms a lot of what I was thinking.  We'd have equity to put towards a new primary residence that we could rent in the future, plus other properties.  I was hoping there might be a contrarian out there who said to hold, but it makes much more sense to reuse the capital on multiple properties.

@Jedd Braunwarth and Terry Mclain - Thanks for the offer to connect!  We're talking about possibly moving to MN next summer, but no definitive dates yet.  We'd be moving north of the cities, more rural area, so I'm looking at potential homes we could live in for a couple years and rehab, then rent.  And I know those areas of DSM pretty well, so down the road I could manage some property there a short 5 hour drive away, keeping in mind what you and Amber mentioned about management. 

Hello BP community!  

I discovered BP earlier this year and have been making my way through the podcasts and reading the forums- I wanted to jump in and say hello and thanks to this great community for sharing all the amazing info!  I've been trying to read up and learn as much as I can, and have been working through some analysis of properties I've been able to research online, looking to make my first investment purchase before next summer. 

So far, my main real estate experience has been with my wife and I purchasing our two primary residences in Denver.  We are now weighing a potential move to Minnesota next summer, so I am starting to focus on properties in the east central MN area, including the northern Twin Cities burbs (Anoka/Blaine) up as far north as St Cloud to Hinckley.  The move would also put me in position to do some work in Iowa, so I'm interested in learning more about the market in the northwest part of Des Moines from Drake area out to Urbandale/Johnston.  

So that brings up the question of our house here in Denver if we move.  Should we sell and cash out on the appreciation since we purchased five years ago, or is it worth holding long term as a rental with more potential appreciation in the Denver market?  The house was a new build in the NE part of town, 4bed/4bath, 2600+ sq ft w/finished basement.  Last appraisal was $700k, could list closer to $800k, with $460k still owed on the mortgage and about 7k/yr taxes.  My guesstimate is it could get in the range of $2800-3000/mo rent.  So far it's feeling like I have to fudge the numbers to even get it close to break even as a rental, and I've heard plenty on the podcasts that it's not great to bet on appreciation, but Denver still seems like it has room to grow with all the people moving here - and I just want to make sure I look at all my options.  

For now, thanks to everyone who contributes here to BP- I look forward to getting more involved and meeting some you in the future!

Sean