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Real Estate Deal Analysis & Advice

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Dain Boelter
  • Rental Property Investor
  • Las Vegas, NV
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21
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Should I keep or sell my property?

Dain Boelter
  • Rental Property Investor
  • Las Vegas, NV
Posted Sep 16 2014, 20:26

Hello,

I am still fairly new to the property investment business. I own two homes in Goldsboro NC. The house I am currently wondering about is one I bought about 5 yrs ago for its actual market value (which I know not to do now). One year ago I refinanced from a 30yr to a 15yr fixed 2.5%. It's worth about $145,000 and I owe $117,000. The property is in a great part of Goldsboro and I believe it will increase in value a bit due to a new highway being built nearby and the shopping area improving nearby as well (but that's a gamble). I have tenants in there now and I make maybe $100 dollars a month profit to my mortgage.

I am wondering what you think my best option would be? Should I keep the property long term and just continue renting it out or should I sell the property as soon as possible and use that money to find a foreclosure in the Goldsboro or Raleigh area? should I use what little money I gain from a sell to pay off the other property I have a bit faster which is also on a 15yr?

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