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Updated over 7 years ago,

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1
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0
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Chuck Smiley
  • Spanish Fort, AL
0
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1
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Rent it or sell it advice

Chuck Smiley
  • Spanish Fort, AL
Posted

I currently own 2 homes.  We built a new house last year and moved into it in December, 2016.

We did not sell our original home and rented (for cost) it to a friend that was down on her luck.

She is moving out and I cannot decide if I want to sell to get the cash out of it or rent it. 

I currently owe approx $9,000 and my monthly payment is only $700.00/month ($2400/year in insurance, $1200/year in taxes & $200/year in HOA). Houses similar to mine are renting for $1500 to $1600 and are renting as soon as they become available. I could sell it for approx $210,000.

I do have a $130,000 line of credit on the house and have access to all of it.  My wife and I have strong credit scores.

My long term goal is to buy other rental properties for future mail box money.

Should I keep this house or sell it?

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