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.
Real Estate Deal Analysis & Advice
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 9 years ago,

User Stats

13
Posts
0
Votes
John Stockinger
  • Salt Lake City, UT
0
Votes |
13
Posts

Keep renting (possibly refinance?) or sell?

John Stockinger
  • Salt Lake City, UT
Posted

Hello,

I finally jumped into real estate investing last year and it's been exciting! For no prior experience I feel like my first deal has been going ok :) 

I currently own and live in a SFH while renting out three of the bedrooms. I may have to move this year unexpectedly, but would be staying in the same town. I am debating between selling the property or renting out my room and keeping the property (I'd prefer to keep it)

Property Information

  • 4.25% interest rate
  • $212k left on mortage
  • Was originally 5% down, 30 year conventional. Payed $226k
  • Located in Salt Lake City, UT. Currently it's a sellers market, with most homes being scooped up in under two weeks

My Questions

  1. Are there any bad, or missed, assumptions I should be aware of?
  2. My math says I'm break-even on the property meaning my gain is the equity growth and the tax benefits. Am I crazy to keep it in this situation? 
  3. If I sell, I'm not sure I'd get much more than $230k-240k for the home. My back of the envelope math means I'd basically break-even on the investment. Does that seem right?
  4. I've also considered refinancing and pre-paying the PMI (an option I didn't have last year because of lack of funds). This would increase monthly cash flow, but not sure if the costs would be worth it.

Loading replies...