Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago,

User Stats

6
Posts
0
Votes
Britnie Daugherty
  • Lexington, NC
0
Votes |
6
Posts

To sell or NOT to sell????

Britnie Daugherty
  • Lexington, NC
Posted

Hello out there in real estate wisdom cyber-space! We need some advice on a opportunity that has presented itself.

We have been in the rental business for two years and have two rental properties. We have lived in our home for 10 years and have outgrown it. When one of our properties came open we had considered selling it to pay off our business debt. Thinking a little more on it, we realized that if we were to sell OUR house it would pay off ALL of our debt; business and personal. So, we moved into our rental and listed our house for sale.

We have had lots of interest in the house for sale but only one offer (WAY too low) so far. It has been on the market for less than 2 months The home has a lot of equity built in. We owe $58,000 (at 3.9% interest) on it and the monthly payment is only $470. We could rent the house for $800 with NO problem but could really ask $1500 for it. Right now, the income from our other rental is paying the bills for BOTH rentals and we are paying the bills for the house that's for sale.

Here's my question:

Do we sell the house and pay off our debt or do we rent the house??

Loading replies...