All Forum Posts by: Vanessa Pierson

Thanks for the reply Michael!

Thanks for the reply Nathan!
That’s our concern about it penciling out on paper but the reality might be that it ends up costing us money. We have a great interest rate, which is what is making us want to hold on to it, but it just might not be worth it when we can use the equity to get us in a better position. 

Hello everyone,

My husband and I are working to build a rental portfolio. We recently relocated from our primary residence to a rental property ourselves (we recently welcomed a baby, and our house no longer accommodated our evolving needs). We made the decision to rent and prepare our house for long-term rental. Our plan is to purchase again with a better mindset of turning that into a profitable rental.

We have diligently completed all the necessary steps and are on the verge of signing a management agreement with a property manager.

However, we are experiencing some doubts.

1. When we purchased our home in 2020, we never envisioned using it as a rental property. Our HOA is quite stringent. We had hoped to rent our house for short-term or mid-term stays. Unfortunately, the HOA prohibits leasing for less than six months.

2. As first-time landlords, we considered self-management, but as new parents who work full-time, we decided that hiring a property manager would be the best option for long-term rentals.

3. If the stars align, we estimate that we could potentially earn $1,000 to $1,500 per year from the property. Additionally, we have equity of approximately $145,000.

Now, we are faced with a dilemma: should we sell our current property and purchase in a more favorable neighborhood, or should we rent the house and let it pay for itself.

We would greatly appreciate any advice you may have. Thank you!