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Updated over 2 years ago,
Housing collapse coming: should I sell?
I have two C-class properties, no mortgage. I paid about $120,000 for both of them.
I also have a B-class property. Cheap mortgage, with balloon payment of $140k due in 2 years.
The B gives easy, stable, and regular income, the C's give variable income but have the occasional tenant drama. This is not news to anyone who knows what B and C mean here.
So. I have been offered $150,000 for the two C-class properties. Their values have gone up in just a handful of years.
It is also known that the housing markets are about to collapse. Mortgage rates are 6.25%. What should I do?
My gut says to take the $150k and get something sweet when the market collapses, but my gut can be kind of an idiot sometimes.
I know times are "unprecedented" but what do you all think I should do?