hope your all having a good week. I was wondering if I could pick some brain about the best strategy to go about on my current personal home, that was bought as a investment.
1) rent out my house- has two sets of washer and dryer hook ups near the kitchen and in the garage and two master suits. One shared meeter, two doors already in place to separate two different tenets, both have private entrances. Current mortgage is 2k. Can rent master suit for 800 and downstairs 3 bed two bath for 1800.
2) offer seller financing (I still own on the property)
3) sell outright (house just appraised for 70k more then we bought it for And Invest in out of state market
Any other suggestions I would love to hear about.
@Nic Hill hard to say if renting it out would be good or not without knowing current value but I would lean towards that, it may be hard getting two sets of tenants in there though because the more important thing to have two of than laundry is two kitchens.
@Aaron K. thanks for the response. I live near a community college. About a mile down the road. I was hoping to find a reasonable young adult for the master suit with no kitchen, I could possibly add a small kitchenette with very basic set up I suppose to make it more appealing. The master suit upstairs in conveniently located on top of the garage, opposite side of the rest of the house. Bought the house for 345 and just appraised at 410.
Probably sell. Even for CA having to split then property to get maybe $2600 isn't fantastic, if it was $2600 without splitting I'd probably say you could hold onto it but it's marginal. Do you have an idea of where you might want to invest OOS
@Aaron K. not to sure we’re i would want to invest. Have been looking into the Virginia market here and there because my wife was talking about transferring to her main office if she get the promotion.
@Nic Hill if you plan to move you may want a new primary residence if you do end up in VA there are going to be more opportunities there than there are here not to mention the ones not in VA but within driving distance.
@Aaron K. that’s definitely true. Would like to start my first few deals in my backyard, wherever that may be. I Would be interested in partnering with someone also, and explore multiple markets.
@Patti Robertson would you have any suggestions to which market?
I’m partial to my market. You mentioned it would be where your wife’s company is located. What market is that?