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Updated almost 16 years ago,
Rent or Sell primary residence?
I plan on moving within 1 year and am leaning towards renting my current house out when I move, should I? I plan on buying more rental properties in the future. However, I didn't know if it would be more sensible to sell my primary residence and use that $ to put down an even bigger down payment?
My situation: I have 1 rental property now value approx $60,000 Mortgage payment including taxes/insurance $410. I collect $600 in rent.
My current residence just appraised at $81,000 and current Mortgage including T& I is $575 and based on comparable rents in my neighborhood I believe I could rent it between $750-800.
I have been saving for large down payment (approx 50% down) on a newer house within 1 year's time. Could I get some input on what would be a better choice long term- as I would like to have rental properties as part of my long term retirement plan.
Are these properties cash flowing enough or should I sell 1 or both and put down even more $ down or invest elsewhere.
Primary residence paid $63,500 6 1/2 years ago current appraised value $81,000
Current Rental property(wife's former house) paid $50,000 5 years ago market value approx $60,000.
Sorry this is so worded. Please let me know what other information I could provide in order to receive your best advice, input.. All comments, input, suggestions.. Greatly appreciated.
Thanks in advance.
Jason