Should I Sell?

[Conner Hitchcock]

Hey all, 

I’ll try and keep this post as concise as I can!

My wife and I bought a townhouse in 2020 with the goal of moving from it and turning it into a rental as quickly as possible!  We were able to do that within about two years and bought ourselves our own single family home in the country for us.

The townhome profits very well and is in a desired area, we love it and plan on holding it forever! You can’t beat a 2.5% interest rate!

The problem is the single family home we have moved to, it was made in the 1950’s and was flipped by some really terrible flippers.  They really put lipstick on a pig and sold it to us and our long time home inspector retired so we didn’t catch the problems ourselves. We’re sitting at 6.78% interest comparatively.

Since moving in, we’ve had to totally repair the custom chimney (a couple of grand), get a new roof (had to get a 26k loan at 10%….. kill me now) and have discovered the crawl space ventilation needs to be addressed, our old cast iron pipes are blocking the plumbing up, and we need to change the pipes from Poly b in some places.  

If we sold the house we’re in for a minor profit, we could cover the costs of my roof loan, selling costs, expenses for fixing it up to sell etc. we’d essentially loose most of our down payment to get out of this deal.  we would have to move back into the town home and start saving again for another day.   that being said, we wouldn’t have the high interest debt and wouldn’t have to worry about paying for all of the big repairs.

We have our first baby on the way and are worried that the house is going to keep giving us problems and become a money pit. Would you keep the SFH with the big loan for the roof and just fix as it goes to hopefully maintain the long term (hoping no more major problems arise) or sell, cut my losses, reduce my high interest debt, and start over.


there’s always more to the story including personal reasons but hopefully this paints a picture, feel free to ask questions so I can clarify!

🙏🏼 
Conner