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Updated about 7 years ago on . Most recent reply
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Looking for some Advice, Quick Cash or Slow Burn
So I'm looking for some advice, settle in this is a long one.
I was lucky to pick up two house in Grand Rapids a few years ago before prices shot through the roof
House 1 has a 43k note and could be sold for 120K (I've lived in it more than two years with in a 5 year period so I can get out of the capital gains tax) leaving 77K in equality, but the house is currently nets $700 a month in rent.
House 2 is right next door, has a 53k Note on it and could sell for 110k, leaving me with 45k after capital gains tax. This house nets $600 a month.
The question is do I get rid of them while the markets on fire? So I can pay cash for the next deal and get out from under interest payments, or do I keep them as a slow burn, unfortunately I'm kind of tapped out while I have these two places, and any other house purchasing would have to come from the profits off these places. I'm a realtor so listing the houses doesn't cost much.
What do you guys/gals think? Throw out any and all ideas. Criticism and Critiques welcomed :)