2% Rule
Hi All,
I'm new to real estate investing and am eager to obtain as much knowledge as possible. Currently, I own one property that I live in and one rental property.
One of the general rules I am familiar with is the 2% rule when renting out your property. My rental property was purchased for $330K. I am currently renting it for $2500 per month which just covers the
Mortgage. None of the rent in the area exceeds this price. Using the 2% rule, I am way under the monthly price of where it should be.
My question is: should I try and sell this property and move to the next? Or, is holding it right now at the current rental price a wise decision? It's a brand new unit with an 11 year warranty on everything, so I have limited worries with anything going wrong.
Any advice is greatly appreciated.
Thanks!!!
Terry