Another I want to buy a condo, then rent it out thread.

[xtina]

I just wanted to comment that we’re in a bit of the same boat, except looking at different areas. I’m focused on RB/PQ/CMR/SS/SR and I work in RB.

Also looking to rent out one room once I buy with the potential to keep the property for cash flow once I move/upgrade.

=)

In PQ and in that price range, there is only really Casablanca. Personally, I don’t like Casablanca and I have no experience with CV.

I would also take into consideration ease of renting once you are done with that place. Has there been a lot of CL activity with rental places in CV?

sdr pointed out in another thread that the 1/1 will give you a better cash flow. have you considered buying a 1/1 (and not renting for the first give years) and just renting it out when you are done with it?

[saiine]

Hi Xtina,

Yea, I am starting to add 1/1’s to my search. I just had a preconceived notion that 2/2’s held more resell value. I’m actually not sure where I got this thought 🙂

What don’t you like about Casablancas?

I saw a few units on CL for CV, one is in a complex that has a unit for sale right now for 299, they want 1650 for a 2 bedroom. The interesting thing is that I rented in that exact complex 2 years ago and that’s what I was paying. So rents haven’t seemed to move in CV in 2 years.

Good luck with your search!

[saiine]

Hi Xtina,

Yea, I am starting to add 1/1’s to my search. I just had a preconceived notion that 2/2’s held more resell value. I’m actually not sure where I got this thought 🙂

What don’t you like about Casablancas?

I saw a few units on CL for CV, one is in a complex that has a unit for sale right now for 299, they want 1650 for a 2 bedroom. The interesting thing is that I rented in that exact complex 2 years ago and that’s what I was paying. So rents haven’t seemed to move in CV in 2 years.

Good luck with your search!

[saiine]

Hi Xtina,

Yea, I am starting to add 1/1’s to my search. I just had a preconceived notion that 2/2’s held more resell value. I’m actually not sure where I got this thought 🙂

What don’t you like about Casablancas?

I saw a few units on CL for CV, one is in a complex that has a unit for sale right now for 299, they want 1650 for a 2 bedroom. The interesting thing is that I rented in that exact complex 2 years ago and that’s what I was paying. So rents haven’t seemed to move in CV in 2 years.

Good luck with your search!

[saiine]

Hi Xtina,

Yea, I am starting to add 1/1’s to my search. I just had a preconceived notion that 2/2’s held more resell value. I’m actually not sure where I got this thought 🙂

What don’t you like about Casablancas?

I saw a few units on CL for CV, one is in a complex that has a unit for sale right now for 299, they want 1650 for a 2 bedroom. The interesting thing is that I rented in that exact complex 2 years ago and that’s what I was paying. So rents haven’t seemed to move in CV in 2 years.

Good luck with your search!

[saiine]

Hi Xtina,

Yea, I am starting to add 1/1’s to my search. I just had a preconceived notion that 2/2’s held more resell value. I’m actually not sure where I got this thought 🙂

What don’t you like about Casablancas?

I saw a few units on CL for CV, one is in a complex that has a unit for sale right now for 299, they want 1650 for a 2 bedroom. The interesting thing is that I rented in that exact complex 2 years ago and that’s what I was paying. So rents haven’t seemed to move in CV in 2 years.

Good luck with your search!

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write of 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write of 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write of 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write of 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write of 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write off 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write off 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write off 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[saiine]

[quote=SD Realtor]Hi Saiine. What I meant that the numbers were not right was that I didn’t know that you had all those items I mentioned factored in.

So roughly you have

Mortgage payment + HOA + estimate for annual repairs + cost of vacancy + property tax + HOA

MINUS

Rental Income

to get your cash flow.

So if your numbers included all of those items then they are okay, I am not sure if they did or not. Now I also said roughly because those are the items that just came to mind, I may have missed one or two.

Now this is only with reference to cash flow. On the flip side the benefits are depreciation and you can expense other things that you could not when the home was owner occupied.[/quote]

Ah ok.

My calculations were HOA, Taxes, Insurance. I had neglected upkeep though. One number I do not feel confident about yet is the amount I would receive back from the gov. I claim 0 as of now and can imagine if I can write off 22k or so I would receive a return of 3-4k. I’m also not sure if it’s a mistake to factoring that in when it comes to cash flow.

I started to also factor in an avg of .5% appreciation YoY for 5 years but ended up not following through on that, as we REALLY have no idea what’s going to happen and I don’t think I should rely on any assumptions at this point.

[Author]

Posts