Big financial decision I want to be smart and need real advice.

[Psilloh1]

I say:

• Sell the house
• Take the cash and invest it
• Take mortgage on on new house
• Interest rates will never be lower.

Ran a simple interest calculator of 75K run 8% interest for 15 years. Coincide this with a 15 year mortgage. At 46 you owe nobody a thing.

if you can put 20 k away a year in a 401 K till your 59 1/2 and you will have the world by the balls

 

[InTune]

Wish I could get 8 percent on cash

 

[bulletpaluza]

An overwhelming sell sell sell. I think I will follow this advice.

 

[Cadcom]

Sell it and don't look back. Maintaining a rental property is a headache. There are a lot of trashy ass people with no basic regard for decency. It's just not worth it. The law def favors the criminal in these case.

 

[DinkyDau]

An overwhelming sell sell sell. I think I will follow this advice.

Renting can be and most of the time is a pain in the neck..First you have to find someone that is responsible and you trust to not abuse your home...At your age it really isn't worth it..I have been to your lovely home, if you roll the money over to the new home that's a good down payment and equity built with no PMI either..The maintenance on renting is and can be a night mare. Good luck with the decision you make..

 

[TheGman]

Heres what I say , just a suggestion:

List the house for a strong price.

Stay firm but a little negotiable if you can get what you want for it in todays strange market sell it.

If you cannot be prepared to rent it , screening client with background check, credit check etc.
Then
Wait until market is more stable .

 

[InTune]

I hope it will sell rather quickly. In life, seems like timing and luck account for a lot. The mortgage companies may have tough sledding ahead making it harder to get loans. They hedge themselves against rates going higher. Now with the Feds move, intertest rates moved lower. Now margin calls could bankrupt some. Its complicated

 

[Mr. Goodbar]

Damn you're 31, i done ****ed up in life then lol

 

[Jdadams]

There are a lot of circumstances you have to consider. First and foremost does it make financial sense ie it pays pays for itself and some extra. 2nd can you stomach being a landlord. It can be extremely frustrating. It can also be very rewarding if you get the right tenant. I have plenty of friends that have paid for houses where a someone stayed long enough to just pay for it. I’ve owned investment real estate for about 15 years. I have done most everything wrong. But I have learn a lot. I personally prefer commercial property vs residential property for rental. For arguments sake and to keep the math simple let’s say you rent your house for 5 years and put all the revenue into paying off the debt. The in 5 years you sell said house and 1031 into a $500k office building. If you clear $200k and put it down of the office building and dump all of those revenues for another 5 years then you have a paid for commercial property that could generate $60k per year. If you want to consider renting it, I’ll be glad to talk to you and go through all the potential positives and negatives.

 

[Justin87]

I've never heard anyone who rents houses say anything good about the experience. I'd sell it in a heartbeat.