Should I sell or keep
Hi folks
I live in southern california and I am wondering what to do with the townhouse that I used to live in as my principal residence:
Bought in 1999 for $350,000 (4 bed 3 bath townhome)
Current Market Value: $725,000
Current Loan amount $235,000
Monthy loan payment $1920/mo
(15 year loan; 5% fully amortized loan; 11 years left in the loan term)
My wife and I moved out last month and we have a renter in the property now:
Rent: $3,000/mo
HOA: $250/mo
Tax: $400/mo
Insurance: $200/mo
Is it better to keep this property and let the tenant pay off the mortgage (currently have 5% loan) or sell it.
I'm currently renting in L.A., looking to buy a sfr for my family. I don't need the equity from the townhome (although it can help to reduce debt load) to buy my next home.
I like to get some feed back on whether it makes sense to keep this property or sell it and keep the money either in cd, stocks...and look for other rei.
Regards
Chuck
Thanks for your input.