Worst case scenario we do, they leave 2/26 and we must sell by 8/26.
To be honest, I’m too busy to be making this decision right now. Our life is complicated and I work a complicated stressful job, but if we’re being honest, I also don’t have time for renters, but I somehow make it work and I personally think it pays off.

Mtg: 1800

Rent: 2900

Owe: 200

Rate: 4.5 I think

Sell Price: est. 450-460

No other rentals except an in law suite on our current primary

Future goals: would love to use this properly to buy other properties to get out of the corporate rat race.

Background: was primary residence for 10 years . Suburb of Denver, growing area, but not exploding. Primarily 3/2 first time buyer homes. Setbacks holdbacks include a crazy complicated parenting situation (husbands ex) who aggressively pursues our money. A busy marketing career. The house is only in my name at this point, which was intentional when we married, and when we moved out of it as a primary residence to hopefully avoid ex's gotta financial pursuits. Most advisors I've spoken with have said this won't really work unless we put it in an estate or LLC to keep it more private. So we had it on our personal return last year and i won't detail it but it was a bit sketch when we had to provide financials (we can redact mine but not hers long story).

We have a real estate agent and investor friend, but not sure we’ll work with him. We have a financial advisor, but he favors market money over real estate so we don’t feel fully advised on all options. I need a CPA and had a quick consult but haven’t found someone I love. I need an advisor and tax helper and confidante etc.

We comfortably could use the cash flow but could probably survive if reduced by half but only as long as have our tenant at the primary residence. We purchased July 23, it’s a remorseful purchase in terms of quality (new build, got a 5% interest rate). 100% NOT our forever home.

Goals:

1.I would like all rental income off personal returns if possible. But I’d also like to own a bunch more properties, and continue this growing as a business venture and not a side hustle. Yes i know that’s a process.

2. I don’t want to die in any corporate job.

3.I want a long term goal, a midterm and a short term. And a plan to build that out. We rarely have time to discuss it, but we want to build wealth in a way that allows us to potentially work together, get out of corporate, and move to a forever home in another state in ten years when there are no longer any parenting plans governing us. So ideally, we are just building portfolio or wealth until then.

do we sell and put money in the market?

Keep and 1031 later?

Sell and buy 2 or 3?
Something super creative and crazy? I love a risk if it means a reward.

we’d love to buy a rental in our future home state but recognize the complexities of that. We’d love a vacation home that airbnbs but i don’t think i have the time for that. I want to spread out whatever “wealth” we have into other properties that could potentially benefit us. Or, keep current rental at low interest rate and 1031 it at a later time. I have NO IDEA. I have not done 1031 but I know a bit.

Denver, Colorado

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