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Updated over 2 years ago, 06/23/2022

User Stats

27
Posts
7
Votes
Joshua Briscoe
  • Rental Property Investor
  • Bangor, ME
7
Votes |
27
Posts

Should I sell? SFH family dynamics

Joshua Briscoe
  • Rental Property Investor
  • Bangor, ME
Posted

I'm looking for advice on whether to sell a property.  My wife is asking me to sell our single family house we own in South Carolina.  We bought it to live in back in 2018 after we moved down to help with her family.  In 2020 I switched over to travel nursing so the house has sat vacant for just about 2 years.  We've been slowly fixing it up with the plan to rent it out.  Everything looks nice now new everything except I'm waiting to buy new appliances which I should be able to have put in this month/maybe next month.  After it's rented it should cash flow about $50-100/month.  Last fall we settled back in Maine and bought an owner occupied duplex.  The other side of the duplex is rented and pretty much carries the mortgage.  However, in the process of the move and the renovations, I racked up ~$30,000 in credit card debt, which has been very stressful paying off.  Fortunately, the credit card will be paid off in the next 2 weeks. 

Within the past month my wife has asked me to sell the house in South Carolina; she's changed her mind once, but after her bringing it up again I had told her to talk to our agent and put it on the market to preserve the marital harmony.  However It's never made it to the mls.  Her brother has offered to buy the house and pretty much cover all the fees.  Per my calculations we'd walk away with ~ $50k.  Not bad, but we really wouldn't have made any money after all the renovations.  

I'm having second thoughts now, because I really don't want to lose a rental property after all I've done to get it ready.  It's been like pulling teeth to get it.  I've wanted to get into rental properties for so long and it feels like I'd be giving it up to "make some quick cash" (like I said not really).

I don't want anyone to get the wrong idea about my wife she's not a witch or anything (exactly the opposite), she just has been really anxious about money after I messed up with the credit card debt and doesn't have an investor mindset.

Anyway any advice is greatly appreciated.

Josh

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