Updated about 6 hours ago on . Most recent reply
Sell current primary or refi and rent
Hello Everyone,
I am new to BP so bear with me if any of my questions appear obvious.
Backstory: My wife and I purchased our first home in Glendale, AZ back in 2023 with 3% down at a purchase price of $365k. Our monthly payment is $2580 at 6.6% interest.
We are planning to move out of state once we have lined up a few financial moves as we just recently purchased an investment property where we plan on moving to and will convert it to our primary residence when we move.
My question is, does it make more sense to try and refi (despite not having 20% equity) and look to rent it? The house (despite some up and down) is still valued about $365k. Local rents for a 3B2B at 1200 square feet is right about $2500-$2900/month
My long term goal is that we continue to grow our real estate portfolio in time to slowly gain more cash flow and move over to real estate investing full time. My feelings are that the house is just not in a market that makes a lot of sense to hang onto, and our money would be better used selling the house and reinvesting where we plan on moving. Would be very interested in anyone's thoughts or advise!! Thanks