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Updated over 5 years ago,
Sell or Keep rental?
Would you sell or keep or refinance the property?
Home is worth around 95,000 and its a single twin and real estate has been pretty hot for sellers. I owe nothing and really could use the money to pay down my primary resident if I were to sell it. Right now I cash flow $770 a month if everything goes well but If took the money I could lower my mortgage payment by $450 (pay off land loan for primary resident) and a big chunk of my LOC that I owe and that is guaranteed so its like im really only cash flowing $320 since I always take that money to help pay for my mortgage. What are your thoughts. I would have like a $55,000 capital gain if I were to sell it but only make around $25,000 a year.
Thanks