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Updated about 10 years ago,
To sell or NOT to sell????
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??