Should i sell my house?
Hi! Everyone on Biggerpockets,
Im currently thinking of selling my home right now that demand & prices are high. Our family goals have shifted from working, saving, buying a home to investing to get out of debt and become financially independent. We realize the La Market appreciates well and it would be good profit if we hold on and sell 20 yrs from now but as robert kiyosaki says your home is not an asset.
We are shifting towards selling this home and moving into an apt which is a couple hundred less than our current mortgage. Using the profit after closing costs, re agent fees etc to payoff current debt and use the rest to invest in an area with lower cost propertys( in southern california) to do short term rentals that cash flows well.
What do you guys think is this a good route to go or is their other ways i could go with my investing plans?
Here is some info:
-Home in los angeles 90247 zip code.
- mortgage balance is $385,000
- 2 bed / 1 bath / 815 sq ft / 5100 sq ft lot
- current homes sold in area comps are $550,000
- so after closing costs, re agent fees, moving costs we will have around $110,000 to $120,000 profit
- we will payoff debt of $25,000 and be left with around 85k to 95k to invest with
- i will also get back my Va entitlement so i wont have to put down any money on a new investment and wont pay mortgage insurance.
- both of our credit scores are 800+
-mortgage payment of $2300 + maintenance & repairs
Thanks