Sell, Rent, or ??? What advice would you give?
Hi all,
Looking for suggestions on what would be a good approach to handling this scenario.
Young couple in their early 20's bought a HUD house last year. After renovations they took out a fixed rate mortgage at a good rate (not sure of exact percentage) for 82k. Their current payment with mortgage insurance is about $700. House would list for 125k.
They now want to sell and get a different house in the same city (Indianapolis). They are open to holding their current house and renting it. Appears they can get about $1100/mo.
Initial question that comes to mind is how they can obtain down payment to buy a new house given their equity is tied up in their current house.
What real estate investment principals can be applied here? Is there something they could do to enter the world of real estate investing in their current situation?
Happy to provide additional information as needed. Thanks.