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Updated over 1 year ago, 05/14/2023
URGENT Keep renting or sell!
Hi everyone,
I am new to the forum but have been listening to Bigger Pockets podcast for sometime now. I am currently at a crossroads for selling or renting a single family home I own in Virginia.
The house is 5 years old (I bought it new) with brand new pre finished hard wood flooring I put in along with a fresh paint job. It is located in Northern Virginia and I could either rent the house at $2,800.00 per month and cash flow about $900.00 per month after accounting for monthly costs. This is about 4.5% return on equity I have in the home. The house is in a strong and developing community.
OR I could sell the house and walk away with about 210k in cash and avoid any tax exposure because I lived there 2 out of the last 5 years. My plan would be to earn 5% interest on the money in a CD or Bond while I look for another investment opportunity.
It is my only rental home and I would like to own more homes in the future but interest rates rising it also makes it difficult to purchase homes. Am I messing up by selling my one and only rental home that returns a decent cash flow rate and has a decent mortgage rate at 4.3%?
Any pointers or guidance is appreciated