been living in a home with my wife for over 25 years... wife past away in 2018 went into financial difficulty around 2005 when her illness was getting worse so we got a home modification loan in her name only... which helped us from selling our home. since 2018 I am the estate executor and been paying for 3 years now. January of this year started Remodeling... home is worth about 550k after rehab owe 400k. want to keep house if possible to rent after rehab. I probably know the answer already of what I should do, but would like to hear any other options if possible thanks
Rental Property Investor · St. Louis, MO · Member since 2014 · 741 posts · 424 votes
4y
@Vincent Carter Sorry for your loss. You are in mourning and it is okay to work hard and complete personal goals that have nothing to do with money. As an investor, I start with, 'Does the rental income cover the mortgage payment, property tax and a little bit left over for maintenance, grass cutting, and vacancy periods?' But you may have more going on, emotionally, with the property that only you can put a value to. In this seller's market, you could sell and start again. Are you ready for that?
thank you for kind words... looking into rental income in my area on realtor.com, Zillow and bigger pockets calc to see which might be best, it will come down to how much my house is worth after rehab... also thanks for the advice