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Updated almost 4 years ago on . Most recent reply

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5
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Helen Vann
  • Real Estate Agent
  • Franklin, TN
0
Votes |
5
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Should I continue to rent or sell?

Helen Vann
  • Real Estate Agent
  • Franklin, TN
Posted

I would love to hear your thoughts on how to weigh my options. I bought a 3br 2ba home in NC (I lived there at the time) in 2014. I bought it for 163,000 it now would likely sell for 250,000. I had the same wonderful tenant the entire time. She just moved out. My interest rate is 4.5 payment $884.00 a month. Rent was 1250 but was very low for the area and home. If I keep it I will rent at 1500 per month. My credit was hit due to not realizing I had and electric bill to pay in my move. My credit score is 650. I'm doubtful that I can secure lending for another rental at this time due to my credit score. Now the home is 7 hours from where I'm currently living. Should I keep it and rent again while I'm improving my score? Then remortgage and use equity to pay a down payment on additional rentals where I'm currently living? Sell now, sell high keep my cash until I can buy where I'm currently living? Or some other option I haven't thought of??

Most Popular Reply

User Stats

6
Posts
1
Votes
Sherree Ruston
  • Investor
  • Ponchatoula, la
1
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6
Posts
Sherree Ruston
  • Investor
  • Ponchatoula, la
Replied

And I am definitely no pro and would love to be in your shoes, but have been listening alot to Robert Kiyosaki, and he would say not to sell. LOL

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