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Updated about 8 years ago on . Most recent reply
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Options for investing?
Hello, I'd like to hear the thoughts on what to do on the following scenario:
House #1: Principal balance left is about $72,500 with a 5.0% interest rate. The maturity date is is 02/2041. Being rented with a monthly net income of about $480. If it were to be sold, it'll be about a $70,000 to $80,000 net profit.
House #2 Principal balance left is about $135,000 with a 3.875% interest rate. The maturity date is 05/2043. Primary home and much bigger. Monthly payment of about $1,080. If it were to be sold, it'll be about a $70,000 to $80,000 net profit as well.
1. Would you sell both properties to possibly use that $140,000 to $160,000 to buy a home with a balance of about the same one as House #1?
2. Would you sell House #1 and use the proceeds to pay down the balance on House #2 and/or upgrade the home?
Looking forward to hearing the thoughts that are out there. Thanks in advance!