All Forum Posts by: Bruce Cline

I was thinking about waiting but honestly I can list my home for nearly $100k over what it's value was last year and there is exactly 1 four bedroom under 550k in my entire zip code of N Texas currently on the market.  Seems the best thing for my fiance and I to do at this time is sell them both and take a huge profit while we can since the future is uncertain.  Plus, we've never been landlords and don't think we want to take that on at this time in our lives when we are looking to move and start slowing down... 

More info... Homes in our neighborhoods are selling at 20-30K ABOVE listed purchase price.  This goes back to my first post regarding striking while the iron is hot. (over 500K equity available).  We could essentially build and have a small or NO mortgage on our new home and have renters paying down the loan balances for the equity we pulled out.  I'm leaning toward the equity/hold option with the idea of selling the 2 assets down the road a bit.  Still lots of research to do but I appreciate everyone's knowledge and advice on this topic.

Thank you. Both properties will rent easily. Both good communities and schools and inventory is scarce. Also, apartment rentals are catching up with home rentals in terms of pricing.

My fiancé and I had planned to sell our homes late spring/early summer with plans to build a home in a year or so. (Texas gulf coast). Our thought was that we needed to strike while the iron was hot to maximize our profit during this seller’s market.

Her home has no mortgage and is valued around 420k. My home is valued around 440k with a 190k balance. Both homes need updates like carpet, painting.

With lumber and building costs so high, our thought process has changed. We are now considering renting both our homes while we wait to build. (We plan to move into her parents 2nd home to be near them to assist them as needed and will only be paying a small amount to cover taxes, insurance while we stay there).

We will monitor the market and plan to build once we see costs come down a bit. We are thinking perhaps instead of selling we pull out equity from each home to build once ready and continue renting the 2 homes that will ideally become assets that are essentially paying for our new home.

We are nervous. We’ve never been investment property owners and are reluctant. Personally, I like the idea of holding these 2 homes as growing assets but we are uncertain about being out of town landlords, tenant nightmares, maintenance and repairs, etc.

Any insight and advice you can offer is appreciated.