Should I Stay or Should I Go Now...?
Hi all! Still kind of new to all of this, so bear with me...
My husband and I have a duplex (he had it built in '96) and it's nearly paid off ($38k left). Thing is, we're not seeing much (if any) return. Never have. Total income is $1350 per month, and expenses run around $1300 (pmt+tax+ins=$875, $275/mo for repairs/CapEx, $150 for prop mgmt). We have to use a property management company (we're not local) and refinanced for a shorter term when we put in both our names four years ago (shaved a few years off, got lower interest, and the payment was STILL less than it was prior to refinancing).
I'm torn. I don't know if we should sell and use the equity (maybe $70k) for a new venture, or if we should hold and let ourselves pay it off so we'll start seeing that $1350 "free and clear." (Yes, I know there will still be expenses, but the largest one - the mortgage - will be gone.)
So, in the infamous words of The Clash, should we stay or should we go? And why?