Should I sell my primary residence?

4 Replies

Hello, I'm new to the sight and to the real estate business. My wife and I only have one rental property. We bought a new larger home and kept our old house to rent out. We both have been wanting to get into the business for a long time and finally decided to give it a shot. We have contemplated selling our new home and moving back into the rental. This would free up a lot of capital each month plus give us a substantial startup capital for new properties. We've found an area and some properties we like to start rebuilding our portfolio. Not like it was much anyway!! I know it's fiscally responsible, but I feel like I would be moving backwards. I would love to get some insight and/or input on this move.
@John D Stagg sometimes you have to take a step back to move forward. If you know what your goal is, and moving back into your rental get you closer to that goal, why not? I sold my primary residence and now rent a house while buying rentals (I moved out of state so a little different scenario). My wife jokes that we own 2 houses and dont live in either one 😁, but that will get us to our goal faster than buying another primary residence right now.
@John D Stagg I lived in a double home for 11yrs. The tenant paid the mortgage in Lakewood, Ohio. I finally bought a single last year. But I will tell you living mortgage free was the best move I made. I got so far ahead in obtaining other rentals. I sold that double last year and made a 60k profit in which I put down on a single home.
@Jason D. Thank you for the words of encouragement. I definitely feel like I'm moving backwards, but it will free up $1500 a month in capital, and we are far less scared to jump back in. We have also made many new connections, and learned much more about the financial process during the last couple years.
@Frank Wolter That is awesome!! Thanks for the encouragement. We should make about $15-$20k after fees, on top of getting back our down payment. We hope that will help springboard our movement!!! Plus puts us in a better position for buying cash deals or auction property.