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Updated about 11 years ago,

User Stats

104
Posts
13
Votes
Christian Lincoln
  • Contractor
  • new paltz, NY
13
Votes |
104
Posts

should i stay or should i go now...

Christian Lincoln
  • Contractor
  • new paltz, NY
Posted

hey gang in lieu of a mentor, can I pose a question? which you may answer with a question or just vote on. (Kind of like playing chess this real estate stuff espec. when life variables shift.)

I have a house (was/is mine, totally renovated with TLC) worth @ 400k..maybe 250k left on mortgage. It breaks even barely (200 short) of mortgage. It's in a vacation area so I could make more doing short term rental. I'm guessing closer to 2,500 a month on average w/t vacancy %. (i would even gross 2,400 if I lived in it with 2 roommates.) Do I:

1. kick reliable long-term tenants out. switch to short-term rentals? (close enough to do changeover or hire housekeeper). I'm not so busy I can't manage a bit.

2. keep longterm tenants - call it very long term investment.

3. sell and invest in higher R.O.I. property?

goals: enough income to write full-time.

p.s. my other investment property breaks even as well. cash+400

thank you!!!! friends.

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