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Updated almost 5 years ago on . Most recent reply

User Stats

50
Posts
14
Votes
Sean N.
  • Investor
  • Comstock Park, MI
14
Votes |
50
Posts

Should I sell now and lose money to save more in the future?

Sean N.
  • Investor
  • Comstock Park, MI
Posted

I currently have a SF rental house that I’ve owned for about 6 years. It’s worth 180 – 185ish and still owe 126k. If I sell it, roughly how much would I have left after listing, fees, commissions and taxes if I don’t do a 1031 exchange to buy land and build an O/O duplex within the next 2 years?

I’m currently netting $400 in rent and will lose that income after selling the house until everything is done at the new duplex but a future tenant will be paying for my mortgage for my new residence.

Is it really worth losing money now to know that in the future my mortgage where I will be living will be paid for by the tenant? I still have a W-2 job and that would free up more personal income.

I was finally able to convince my wife and explaining that “our” side will be our dream home with an en suite and soaker tube, walk in closet, huge pantry, granite counter tops, yadda yadda (sorry . . . old Seinfield episode).

Thanks

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