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Thinking of selling our rental property
Posted on 4/11/14 at 2:57 pm
Posted on 4/11/14 at 2:57 pm
My wife and I have a rent house that provides some additional income. Right now we are pretty much at a point where we arent able to save money monthly with both mortgages and a car note, student loan, etc.
If we sell our Rental we would be able to payoff all of our debt minus our primary mortgage, and we would also be able to take what is left over to refinance the primary mortgage, get a lower rate and lower our monthly note allowing us to save a substantial amount monthly.
Also, for a year we are going to one income because she starts school in june.
what do the more money savvy people on the MT board think?? TIA
If we sell our Rental we would be able to payoff all of our debt minus our primary mortgage, and we would also be able to take what is left over to refinance the primary mortgage, get a lower rate and lower our monthly note allowing us to save a substantial amount monthly.
Also, for a year we are going to one income because she starts school in june.
what do the more money savvy people on the MT board think?? TIA
4
Posted on 4/11/14 at 3:18 pm to Happygilmore
Location of rental?
Posted on 4/11/14 at 5:20 pm to Happygilmore
quote:
Right now we are pretty much at a point where we arent able to save money monthly with both mortgages and a car note, student loan, etc.
So what happens when something big breaks on the rental property and you have to spend $3,000 to get it fixed? Do you have the money for that? Do you have the ability to finance that?
quote:
Also, for a year we are going to one income because she starts school in june.
If you can't save additional money now with two incomes, how are you going to be able to live on one income?
Posted on 4/11/14 at 9:52 pm to Happygilmore
I think you had better take into account the tax implications of selling the property. You need to know what taxes you may have to pay on the sale due to your basis in the property now that you have taken depreciation expense on the rental. If you have a tax adviser, I would consult with him/her before you do anything.
Posted on 4/13/14 at 6:41 pm to Happygilmore
Why don't you go up $50 a month on the rent and see if you like it better?
Is your rental cash flow positive?? If so keep it. It is savings.
Sell the car first and buy a used one for cash.
Is your rental cash flow positive?? If so keep it. It is savings.
Sell the car first and buy a used one for cash.
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