Hi, my name is Joe and I’m trying to determine if I should sell or rent out my current house. I’m in the military and moving shortly. The house is on Oahu. I really have no experience or reference in making this decision. I’d appreciate all thoughts on sell it vs rent it.
Purchase Price: 677, 500.
I’ve lived in it for about a year.
Current principal: 620,692.87
Interest: 3.25% VA loan.
Last monthly payment 3,102.47. Taxes and insurance included. Last payment 1,158.67 to principle. 1,684.45 to interest. 259.35 to escrow.
117 quarterly HoA fee.
One relator I’ve spoken to says housing prices are up 5% this year on Oahu.
I bought high, the house is small, has a galley kitchen and I think if I sold I could likely only sell for the price I bought it at, if that.
If I rent it I could probably get 2700-3000/month, which is a negative cash flow.
Renting it out shouldn’t be a problem. I’ll be in Tx so being an absent landlord doesn’t excite me. I’m also looking into flat rate relators and for sale by owner, to try and avoid the huge loss in realtor’s fees if I sell.
I think if I sold for purchase price I’d avoid taxes, but again I’m not sure.
Thanks for your thoughts, Joe