should i stay or should i go now...
hey gang in lieu of a mentor, can I pose a question? which you may answer with a question or just vote on. (Kind of like playing chess this real estate stuff espec. when life variables shift.)
I have a house (was/is mine, totally renovated with TLC) worth @ 400k..maybe 250k left on mortgage. It breaks even barely (200 short) of mortgage. It's in a vacation area so I could make more doing short term rental. I'm guessing closer to 2,500 a month on average w/t vacancy %. (i would even gross 2,400 if I lived in it with 2 roommates.) Do I:
1. kick reliable long-term tenants out. switch to short-term rentals? (close enough to do changeover or hire housekeeper). I'm not so busy I can't manage a bit.
2. keep longterm tenants - call it very long term investment.
3. sell and invest in higher R.O.I. property?
goals: enough income to write full-time.
p.s. my other investment property breaks even as well. cash+400
thank you!!!! friends.