Updated over 18 years ago on . Most recent reply
Don't know what to do with this house
Ok, well, here we go. My parents just sold a commercial property for some money and stuck it into a 1031 account. They took out a equity loan against our house, so we have zero equity in this house. We bought this house for 180k, and now it has appreciated to 240k. Since we cant use the 1031 money to pay off the mortgage, they're going to buy a new house with the money which will be tax-free. Now heres the question... what do we do with the house we have now with zero equity? Its kinda in okay shape, we can probably spend about 5k on repairs to bring it back to normal condition. There are 2 other houses in the neighborhood that are for sale that has been on the market for about 2 months now. I dont think we have the option to rent it because our mortgage is about 1500/mo. What should we do? should fix and sell or foreclose the property.