Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 12 years ago,

User Stats

2
Posts
0
Votes
Nil Bog
  • Seattle, WA
0
Votes |
2
Posts

Should I rent or sell

Nil Bog
  • Seattle, WA
Posted

Hi all-

Not a unique question but one that I've been stressing about for a few months that I'm hoping you can help with.

Stats:
Location: Seattle suburb.
Paid 220k for it in 2007 (not really relevant anymore. We were living in it for a few years))

Currently owe: 120k
Current value (per Zillow): 140k

Rent Revenue:
Current rent 950/mo (Could potentially rent as high as 1100 but we are renting to people who take care of it and we know so we are willing to discount)

Expenses:
600 in interest per month
300 in HOA
200/month to insurance, prop tax

Obviously, at the moment, it is a money loser both from a cashflow perspective as well from a profitability perspective. The question is, keep renting with a refinance? Or sell?

If we refinanced, that would cost 1 or 2k but would drop the interest cost down to $450, so basically we would then be breaking even (except for non-scheduled costs including a $500 move-in/out per renter fee).

So yeah, any reason to keep this place or am I just silly for holding on to it?

Very much appreciate any input!

Loading replies...