All Forum Posts by: Aaron Marshall

well I'm not putting any money in my pocket its making the payments, and I've never had any problem renting it Ive had it for 8 years and put only a few hrs total into renting it. Big repairs yep had them new water and sewer lines and a new furnace hopefully no more. my wife is of the same opinion of selling it and pay off our current residence.  I lean toward holding on to it because it is on the corner of the second busiest street in town and since Ive had it it has been rezoned as mixed use. They have built a medical plaza two houses down ( I think they bought 6 houses to build it) and Ive had one Optometrist contact me about buying it I told him 200K and never heard back from him.  So I think if I just hold on eventually that corner will be worth more.  What would be the tax implications if I sold it to pay off my current residence.

@Charlie Fitzgerald After calling and talking to several loan brokers and running the numbers.  I agree with your assessment.  Thanks for the advise.

looked into heloc at a credit union they told me they would only loan on a primary residence

@Charlie Fitzgerald you are right I talked to a lender I have used in the past and he says that they would only loan 80% of value.  Which would mean I could get about 40K out of the duplex.  He suggested I might look into a Heloc.  I could come up with the 35K out of pocket, but that would leave me without money to put down on a new house when I move.

opps current residence 4% married 4 kids

duplex 4.375% and current residence 3.75%

My company laid every one off.  I got a new position with my company in a different state and will take a 10K cut in pay.  I have one duplex and my current residence.  Im trying to keep my cost low so if I cant rent my current residence I can still cover all my bills.  My duplex is worth 175K - 165K I owe 100K on it.  My duplex loan is for 130K and I pay $890 per month that includes my property tax of $2150 and insurance of $624 a year my duplex doesn't make money it just breaks even (I've never had a problem renting it out). My current residence is worth 115K and I owe 75K on it.  My current residence loan is for 100K and I pay $580 a month that includes my property tax of $856 and insurance of $872 a year.  Total mortgage payment $1470 per month. If I refinance my duplex for 165K and put 10K out of pocket and pay off my current residence my payment will be $1120 per month at 5% interest that will save me $354 a month.  Should I do this and is there any benefit to having the home paid off that I'm missing? if I do this and everything goes bad is there a way to protect the house that is paid off? Do you see any thing I haven't considered or should consider?