Updated almost 8 years ago on . Most recent reply
Sell or keep my 2 family rental? Need guidance
I've owned 2 family home for the past 5 years. We lived in one of the units for the first 4 years. We moved out of state and are currently renting and looking to buy a new primary residence.
The numbers on the rental are as follows:
Monthly expenses including mortgage: $3,000
Monthly rental income: $4,100
Interest rate: 3.4 percent
Potential Equity: 200k
My question is... should we sell the rental property and use the 200k equity towards our new mortgage so that our payment will be lower...or do we try and keep the house but have a much higher mortgage payment and potentially have to pay PMI?