Sell or rent my home in Woodbridge, VA
Glad I found this site and appreciate the advice and knowledge that I've gained thus far. I currently own a SFR in Woodbridge, VA which I bought last year with 5% down at 403669. I am at 2.625 interest rate on a 3/1 arm and am paying 2366 a month for the home. I bought it through an auction site, and so it had instant equity. Checking with the real estate agent that I use, he told me that based on the comps I could probably sell the home for 540-560. Should I risk renting it out for a bit and having the interest jump or just sell now and realize the appreciation?
I had already been renting out the basement for nearly the past six months @1200 a month, and checking around it seems that I can rent the top two levels for about 2600 if I decide to live in the basement. Does anyone have experience landlording from the basement?
If I stay in the home, I found a company which basically gives you 17.5% of the appraised value of your home for 70% of any future gains in appreciation. Would it be a good idea to live in the basement and try and go through the investment company to get a down payment for an investment property? Should I then invest in another SFR or go commercial?