Shoul I sell or rent

[Kenia Lopez]

I have a home in Charlotte, NC. 3/2 and 1/2 1500 sq ft. Uptown Charlotte, Wesley Heights. Lots of new developments in the area. Vacant lot accross from my property is going on 2nd phase of new townhomes, selling in the range of $400,000. My mortgage is $683. Owe $200,000. I rent it out for $1,600. Taxes are $2,100. Zillow shows value at $370,000. I’m in Miami now; however I’ve got a great property manager. Tenants are great, pay on time. Not sure if to keep it or sell it, now that prop values have gone up.

[Tim Sherrod]

@Kenia Lopez You’ll get a lot of varying answers to the question on this forum....and none of them are likely wrong.    The best answer depends on your goal.     If you haven’t really thought about your goal in real estate, then you’ll be continue to spin your wheels on this decision.   A couple of considerations to jumpstart the process:

• Are you looking to become a real estate investor and grow a portfolio?  (What’s your goal?)

• Do you want to be a landlord?

• What will you do with the money if you sell it?

• If you're thinking about becoming an investor but need the sale proceeds to use for investing, you could always do a cash-out refi or a HELOC instead of selling.

So, the answer to your question starts with soul-searching on your part to determine your goal.  There are lots of additional questions that the forum will likely throw at you so take the feedback and make the decisions that make sense for your goal and personal situation.  

Good luck.