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Hemender Devangan
  • Katy, TX
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Should I sell my investment house or not

Hemender Devangan
  • Katy, TX
Posted Apr 20 2015, 06:52

Hello,

I am in dilemma about my investment house whether I should keep it or sell it.

I bought a house in Austin area in 2007 for $310k which includes down payment, closing cost. Lived in that house till end of 2008 then moved to new location because of job. So had put this house on lease since then.

So far, I have paid $150k which includes principal payment, mortgages, expenses, refiance cost, few changes in house. and now balance mortgage is $199k and as per Zillow market price is $364k. I have refinance my investment mortgage at rate 3.50 in 2012. so my monthly mortgage is around $1200 plus around $9000 property tax expense. I am getting around 2100 rent on this house and paying 6% of rent to property management company.

So far, I am not making any money but paying around $5000 - $6000 per year from my pocket to keep this house. 

In  one sense, It is good that I have a fixed asset and hopefully in future it will give me profit.

But I want to know other people view on this - Whether I should keep this house or sell it and put cash into money market account so money can grow must faster.

As this house is more than 7 years old, next year I have to replace carpet and probably few more investment to replace old house hold items.

Please share your view so I can make a decision on this.

Thanks

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