Looking for Advice and Suggestions please
I currently own a home in Texas that was my primary residence while I was stationed in the military. I purchased the home five years ago and bought it about 20% below market value at the time for 104k. Mortgage is now at 91,000
I have had great tenants since I left Texas. One family that signed a three year lease and then wanted to extend the lease. They currently have 2 years left on the lease.
The rent is 950.00 which at the time of the initial lease arrangement was in the higher end of the rental market. The payment on the home was 650 but with me moving and losing the homestead the payment has become is with taxes and insurance and everything included. It doesn't cash flow much at all which is leading me to question the future.
I recently inquired about selling the home and 3 different realtors have given me a quick sale price of around 140K and average days on market in this area is 18 days or I could list for around 149k and the average days on market is 45.
I am looking for advice whether I should attempt to sell this home and take the equity and reinvest or should I just ride out the lease and re evaluate in two years?
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