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In my professional opinion, income property is great, if you can afford to keep the place, It will eventually provide an income to you plus help you pay off the mortgage now.
I agree, this is an awesome opportunity to expand your portfolio with a rental property. As with most investments, there can be some risks and headaches however market conditions are in your favor. Most predictions are for slow and steady appreciation over the next five years.
Best of luck to you on this exciting new chapter in your life!
This could be the start of your investment portfolio California has great weather and you can come back to visit, get another promotion down the road in life or settle down in California
Many options that come into play
Would need to know more about you to help you in your decision making and goals
We can discuss your situation pros and cons that are important or a concern to you
-- Investments, rentals, buying, selling, 1031 exchange. I have done for clients and have done for myself for 35 years
Talk to you soon
Ingrid Ski Realtor
I can see you already have good responses below.
Also, you may want to keep in mind that if you sell years later you may be considered an investor and Uncle Sam will take his share vs now being your principal residence you can keep most of you equity
I specialize in helping people buy or sell in Santa Ana. I am very familiar with your area for rentals as well. I even know your complex manager S E. Also, I partner with Lou Mac who has been listing and selling in Lakeshore for over 25 years.
Give me a call if you would like to talk about your options in detail.
I live and do most of my Real Estate business in Santa Ana
Feel free to google me for more info
When contemplating whether to rent or sell you need to factor in the true costs.
You would become a first time landlord.
Costs involved will be.
Mortgage which includes, principal, interest, taxes, hazard insurance, hoa, plus mortgage insurance.
Property management fees, which could be 5%-8% or more on a 1/1 condo.
Maintanance, remember your tenant will not take care or pride in your property like you did and you will need to prepare the property for each new tenant. i.e. paint, clean carpets, etc.
Vacancy between tenants.
What is the total compared to the potential rent? How much will your net be at the end of the year?
If you are thinking about keeping the property to gamble on appreciation, don't. Keep it for cash flow or sell it.
I handle about 40 transactions a year. I also manage over 60 rental properties. Make your decision on the facts not the what if's.
I am available to discuss if you want to go into specifics.
Congrats again on your upcoming promotion!
Executive Vice President / Realtor
Nakoma Realty Company
This is a great question, and a situation that a lot of people find themselves in! I am happy to assist you!
A couple of key question to ask yourself are "what are the chances that your job will bring you back to Southern California at some point?", and if that happens "What are the chances that you would want to move back into your condo?" If the answers to these two questions are "No", then it might time to sell. If they are a "Yes" or "Maybe", you could lease it out, and potentially grow equity in your absence.
Rentals in your area for 1bed/1bath run about $1200-1500 a month. Current market values in the South Coast Metro area are approximately $180-200k.
These numbers are just an estimate, to give you an idea of what to expect. The next step would be for me to meet with you, and review the specific details of your property. For a sale, I would provide you with a Competitive Market Analysis, and a Seller's Net Sheet. These two documents will give a better understanding of your financial situation in the event of a sale.
For a rental, I will also provide you with current market information, and recommend a lease amount.
Contact me today to get the process started!
Nicole Fedorchek, Realtor
OC HOMES REALTY
I would suggest giving me a call or e-mail me the property address so I could run some figures, property tax, HOA etc. and pull the comps. for leases and for sale near your area.