Should I Stay or Should I Go?

[Jordan Lilley]

I own a house in the Charlotte NC area. Details here:

Value: $215-220k

Owed: $110K At 4.375% interest

Repairs and upgrades already done: $13K

Repairs to be done if renting: $12K

If I sell the house now, I’d end up with $85-90K cash, move in to my parent’s house until I find a larger home to buy for myself. I’d not put the full amount into the new house because I’d like to purchase a rental as well.


Would it make more sense to stay in this house, 50K cash out refinance it, do the $12K of additional repairs and then rent it out when I find something else to buy?  Or sell now, pay off the 25k student loan debt I have and be debt free, and find a couple of properties in 6 months or so when the foreclosures start to come in from Covid.

thanks

Jordan