Credit score affected by Selling primary house in Austin area.

[Alissa Rodman]

Hi,

I am in process of putting my primary residence on the market for sale. I bought it 3/2018 as owner-occupied property as my first investment property.  It will not cashflow any time soon so I'm thinking I should just sell it instead of renting it out. 

How will selling it affect my credit score? 

Bought with USDA loan. New build. Purchase price $206,000. I owe $201,000. 1,444 square feet. My mortgage is close to $1,700.00.

Thanks in advance,

Alissa

[Ryan Kelly]

You have a number of options and I would strongly consider adding 1-2 roommates to cover most of your costs. This will be WAY cheaper than selling right now based on your equity or finding a new place to rent. You can rent month-to-month or longer terms, plus you will be charging "rent by the room" rates which are cheaper for the roommates versus renting a full apartment and should be appealing to them right now. If you can avoid letting fear drive your decisions, you'll see there are a number of options. Feel free to reach out to any of us on this thread if you want to chat.