I have an LLC and have one rental property. Bought for $67k, monthly note of $637, rents for $735, property valued at $85k and in good shape. Is this a keeper? Anyone have a good way to value a property? I’m in year two of owning this thing and don’t know if I should sell and use the proceeds to buy another one or if I should keep and let the money roll in.
With little to no cash and little equity, how do you recommend that I keep building upon the first investment? Your comments are appreciated. Thanks
You have a property that has a note of $637 that rents for $735…I guarantee that you actually have a negative cashflow…there is no way that the $98 delta between your rent income and your mortgage payment will cover ALL of the expenses…
CAN I GET AN “AMEN”, BROTHERS?
Forget about whether you “…should keep and let the money roll in”. The money’s gonna roll all right but it ain’t gonna be in!
What is your plan if the tenant moves out and you need to replace the carpet if you have no money? and how will you handle the payments if you have couple of months vacancy?
Since you owned it for a year, then you can more less figure out if you have positive or negative cash flow (minus vacancies and repairs since it is too early).
You could sell, but can you find another good deal?
Are you investing in keepers for long term retirement, or want cash now?
I hope you’re not plugging those 2 sites in your signature for free… a percentage of what you generate would be nice. Since it was my idea that you charge for you’re viral marketing, how about a cut for The Great? :crossfingers