All Forum Posts by: Bianca Montes De Oca

@Bianca Montes De Oca

Damn, sorry to hear about your loved one passing away. That has got to be a kick in the gut. 

To your question ... it depends. What kind of goals do you have? Do you want to buy in Colorado Springs or just rent? If you're buying something else do you need the money from the sale of the house to fund your down payment? (Or fund more down payment as decreasing the portion you finance right now can help as rates are in the 6% and even 7% range.)

If you're not buying in Colorado Springs or elsewhere, do you like the idea of having a rental? I certainly do, and think long-term, it's a great investment. Colorado Springs ain't going anywhere. It's still a very attractive places for people to move. 

But know that pulling a HELOC, finding and managing contractors for repairs, finding tenants, taking deposits and rent money can be a little work. I don't know where you're at in terms of grieving. If taking on that extra work sounds like something that will distract you in a hard time, then go for it. If it sounds like something that will overwhelm you as you try to process your loss, then maybe sell and move on.

There's no right answer here. It's dependent on your goals, your bandwidth for extra work, etc. I wish you the best.