On our way, but need insight!
Hello all! This is only my 2nd post but have been gathering loads of info here at BP from reading. As I stated in my introduction, my wife was starting her prelicensing course. She has passed all of her courses and is now studying for her state and national exam to be come an RE. She has a broker that wants her to work for him. He made her a position at his firm (myopenhouse.com) as a Lead Manager until she gets her license.
Anyhow, heres the deal. We are planning to build a home (land already acquired) a few towns over and own the home we are in. We are debating on either selling or renting our primary. Im looking for your opinions! Here are the numbers. Our primary is a 1400 sqft 3 bd 1 bath wood frame home with a 2 car carport that sits on just a hair under an acre, with mature pecans and oaks. I bought the house roughly 10 years ago for 48k. We owe around 35k. ARV should be in the high 90's considering what comps we have in the area. We could probably get close to $950 a month rent, which would put us at $475 monthly profit after mortgage, taxes and insurance ($475 total). Regardless of which direction we go, we will have to rent a place for ourselves until the new house is built. The rental profit would most likely only offset our the rent we will be paying in the next town. What would you do?