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Updated over 12 years ago on . Most recent reply
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Looking for advice on 2 SFR rentals I own ...
Hello community! So I am looking for advice about 2 rental properties I have. I have bought both for about $185k back in 2007 (Didn't know much about Real Estate back then). Both of which are worth about $145k market now ... but both have a $145k mortgage. So I have lost my down payment for both but not exactly underwater. I currently have them rented out just enough to cover the mortgage. I was doing some reading and learning and have come to a conclusion that maybe my best bet would be to sell on a Land Contract gather what I can from those down payments and possibly create just a little bit more cashflow and use it to put down on an actual cashflowing property. Does that sound smart? It sounds smart to me ... but I still consider myself very amateur. I realize I may run into a due on sale problem, and will look more into it for better perspective. I would really appreciate any type of advice. Thank you!