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Updated almost 5 years ago, 01/18/2020
Buy or sell first bought property?
So I'll start off with the numbers with a home we purchased in Summerville SC. Purchase price: $217,500. Current principal: $204,000. Rent: $1,650. Mortgage: $1,216 We have lived in the home for two years and got orders to Hawaii. We purchased the home on 07/28/2016 which means, from my understanding we have approximately a year before we are out of the capital gains window. The home was built in 2013. The house is currently empty but has a lot of interest with potential renters. I believe this area will continue to grow and go up in value, however, I've heard people/agents saying we potentially headed for a down turn in the market. I self manage the property and after expenses I would say I clear about $100 month. I know it's not much but we put $0 down and have currently gotten a decent amount of equity in the property. I'm unsure if we should sell now and take the money to re-invest or let it ride out as a rental. Appreciate any insights in advance and let me know if any more information is needed to help figure out the best decision!
Thanks,
Jake