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Updated over 3 years ago,
To sell now or use it for rental property?
I'm currently living in a SFH in TN. I purchased this home with zero down at $199,900 with 30yrs fixed 3.25 interest rate. I spent $770 out of pocket to close. My current mortg is $1150 with tax,ins and hoa.
I can either sell now with net profit of $30k or use it as a rental. Rental will be $1500/month. Property management will be at 10% without budgeted maintenance. The home is in great shape since it's 2009.
Is it better to sell now or use it as my 1st rental property thats not making much on rental due to higher mortgage???
HELP please!!