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re: Question about paying off a house loan
Posted on 1/25/13 at 12:33 pm to BigAppleTiger
Posted on 1/25/13 at 12:33 pm to BigAppleTiger
2 years ago for cheap. It's a small condo that went as a short sale. I honestly will likely move out before the year is over but will rent it out as I want to keep it bc of the great value.
Did a 10 year loan so I'm still paying heavy interest vs principal. I think I paid out $1,500 in interest alone this year.
Bought it for 65k. Recently a 1 bedroom sold for 75. 2 are on the market now for 90.
Did a 10 year loan so I'm still paying heavy interest vs principal. I think I paid out $1,500 in interest alone this year.
Bought it for 65k. Recently a 1 bedroom sold for 75. 2 are on the market now for 90.
This post was edited on 1/25/13 at 12:35 pm
2
Posted on 1/25/13 at 12:39 pm to LSUzealot
If you plan on renting it out it may be a good idea to pay it off and start saving up for any remodeling ,repairs, or contingencies that may come up while renting.
Posted on 1/25/13 at 12:41 pm to LSUzealot
quote:
2 years ago for cheap. It's a small condo that went as a short sale. I honestly will likely move out before the year is over but will rent it out as I want to keep it bc of the great value.
So you're thinking long term investment. Looking at the rental market right now it is very strong. If you can can cover your payments, insurance, and taxes with a rental payment- I would save the money and start looking for your next property. It is a buyer and landlord's market right now. The market is kind of perfect for your situation at the moment. I am assuming Baton Rouge.
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