Queens, NY · Member since 2018 · 4 posts · 0 votes
My current 2 family residence in Queens NY has $550k in equity. I was thinking of selling and moving to Connecticut and utilizing the proceeds to purchase and pay off my new single family home, eliminating a mortgage payment. However, after stumbling unto this site I've been second guessing my mortgage free desire and plan. Any one have any insight into this plan if it's flawed or can offer alternative options to keep my current house as an investment property and obtaining my new residence keeping payments low or close to nil?
If your current home has $550k in equity I’m assuming it’s almost paid off. How much do you owe on the home ? Also if it’s a 2 family, I’m assuming you’re already a landlord renting out the other unit ?
If your current home has $550k in equity I’m assuming it’s almost paid off. How much do you owe on the home ? Also if it’s a 2 family, I’m assuming you’re already a landlord renting out the other unit ?
If your current home has $550k in equity I’m assuming it’s almost paid off. How much do you owe on the home ? Also if it’s a 2 family, I’m assuming you’re already a landlord renting out the other unit ?
Yes, almost but still 19yrs left of the mortgage. And one unit is rented to a section 8 tenant
how much is owe on the mortgage and what is the home worth?
Balance $365k, market comps range from $800-$1.6m. I figured and have gotten sale quotes from agents I could post it for $999,999.
I'd really would love to move and have a mortgage free home but if I could save myself from selling my home it would be the beginning of my REI career dream. Not to mention retiring from my long tenured job
I think you should work as hard as possible to pay off the home. It doesn’t seem like it has appreciated much since you bought it. Equity + balance is coming to around $915k. How much total rent can you get if you were not living in it?
I think you should work as hard as possible to pay off the home. It doesn’t seem like it has appreciated much since you bought it. Equity + balance is coming to around $915k. How much total rent can you get if you were not living in it?
Thanks for your time. I'd say about $4000-$4200 per month