Help with Rent/Sell Decision
Hello BP,
BLUF:
Trying to decide to sell or rent:
Monthly pmt (PITI): $1356
Possible Rental amt: $1700-1800
Owe $175,000 @ 3.625%
Value $234,500
Would use a property manager.
House was built in 2006. Everything in the house works so no changes need to be made prior to sale/rent.
Great newer neighborhood with an HOA ($260/yr), heated community pool, and a large greenspace adjacent to the back yard.
Long version:
Trying to decide on renting or selling our house.
Purchased for $193,000 in 2014 (VA)
IRRRL/VA to VA for 185,000 in 2016 @ 3.625% / 30yr (Bank paid 100% of the fees)
Currently owe $175,000
Realtor thinks we can sell pretty quick at $234,500
Market seems to have improved quite a bit in the last few years. The number of available sell/rent houses has dropped quite a bit, and time on the market for most of the sales has been very short.
If we sell I think we should be able to walk with over $50,000 (please let me know if my math is way off on that). Looking at the market in our new location, our situation, and risk tolerance I think we want to rent when we get there.
I found this site because I am listening to Brandon Turner’s: Rental Property Investing book. I enjoy personal finance and retirement investing/planning and have thought about getting into buy and hold real estate for a while. I plan to learn a lot in the future on this site, books, and podcasts. However, I am on a time crunch since we need to re-locate in 3 months. Any help would be greatly appreciated.