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Updated almost 4 years ago on . Most recent reply

User Stats

73
Posts
14
Votes
Joseph Grullon
  • Flipper/Rehabber
  • Miami, FL
14
Votes |
73
Posts

Looking to buy a new home, should I rent or sell my first condo?

Joseph Grullon
  • Flipper/Rehabber
  • Miami, FL
Posted

After living in our first place for the past seven years, we are now looking into buying a new home. The struggle we are having is whether to sell and use the proceeds towards a down payment on a new home, or to keep and rent out? Numbers below:

Bought in 2015 - $197k

Remodeled - $30k

Currently owe - $189k

For sale comps - $255k

Could probably rent - $1950

Mortgage with HOA, taxes, insurance - $1550

Currently have about $50K to put down for the next house. Looking in the range of $450k.

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