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Updated over 7 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
Niko L.
  • Rental Property Investor
  • Salinas, CA
1
Votes |
9
Posts

Sell or keep home that was upside down in mortgage & now up again

Niko L.
  • Rental Property Investor
  • Salinas, CA
Posted

I purchased a home in 2006 during the peak of the housing bubble for about $500k. I re-modified the loan once in 2011 and putting $ in principal. It is at a stable 5.5% interest rate for 30 years. The home is rented and breaks even each year including repairs, HOA, etc. The home is now worth a little more than $500k again. I can sell the home and break even without owning nothing and not gaining anything.

Should I sell the home or keep the home? I notice the homes prices are rising. Besides the obvious what are the pros and cons of keeping this home? 

Any advice will help. Thanks.

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