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Updated over 6 years ago on . Most recent reply
former primary residence, sell or rent out?
I have a former primary residence.
I am wondering what forum members would do.
The house will likely sell for around 155k
I owe 55k on first, and 50k on second
Market rent, is likely around 1250 a month.
Roof was done recently, it will need a hvac sometime soon.
But other than that its been a low maintenance house.
My mortgage payments with taxes/insurance on a 15yr fix at 3.25 percent is 800 a month.
I am 5 year into the mortgage, and pay down about 400 a month in principal each month.
Thoughts?
Most Popular Reply
How long ago was it a primary residence? If you are still within the 2 in 5 year window and you sell it, there won't be any capital gain. If you still have time you could rent it for a year, pay down the principle and then sell it for more than 55k if it keeps appreciating.
That's another factor, is it in an appreciating or depreciating neighborhood? Everything is going up now but do you feel this property is in a area that will keep improving once the market cools? If not, maybe sell now.
Seems to me like a good rental if its low maintenance but if you want the cash now to for other investments make sure to get it before the capital gains exclusion expires. Otherwise 1031 exchange.