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General Landlording & Rental Properties

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Joshua Norwood
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what to do with my current house.

Joshua Norwood
Posted Aug 11 2020, 16:34

Next year my wife and i are going to be buying a duplex to do the ever so popular house hack.  We are currently living in our first home purchase.  We owe about 209k on this house and the mortgage is a little over 1200 a month.  The house is in good shape and shouldn't need any cap ex upgrades for at least 5 years.  I'm stuck on what to do with it though.  We have about 100k in equity.  We could conservatively rent this house out for $1800.  So my one option would be to rent it out.  Start with a 5-10k reserve account and just put all extra cash after mortgage back into that account.  Our market is appreciating quite nicely and I strongly feel that this could be a good long term property.  But on the other hand I'm not sure if i am just emotionally attached to this property.  I could sell it and use what's left after real estate commission to put towards other property investments and use part of it to pay off a private loan i have.  With house hacking and getting rid of this private loan i could easily reduce my monthly expenses by about 1500.  Then i would have more monthly cash savings to put toward more properties. My wife and i are good with money and currently have a pretty high savings rate.  Any insight would be much appreciated.  

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