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Started By
Message
Spinoff: House in Laffy, rent or sell
Posted on 1/7/15 at 2:27 pm
Posted on 1/7/15 at 2:27 pm
3bed/2.5 bath
10 years old
off Congress/ambassador area
appraised at 255k last year
mortgage amount still owed 181k (I guess around 20 yrs left)
note 4.5% is $1464 (everything in note)
I married and moved in larger home with wife/kids (she was in it already)
I rent it and have for some time for $2k/month. Single guy, mid 50s...basically, not a lot of kids running around destroying things.
Hold and rent or sell? I lived in it so no tax issues with selling it.
10 years old
off Congress/ambassador area
appraised at 255k last year
mortgage amount still owed 181k (I guess around 20 yrs left)
note 4.5% is $1464 (everything in note)
I married and moved in larger home with wife/kids (she was in it already)
I rent it and have for some time for $2k/month. Single guy, mid 50s...basically, not a lot of kids running around destroying things.
Hold and rent or sell? I lived in it so no tax issues with selling it.
This post was edited on 1/7/15 at 2:33 pm
4
Posted on 1/7/15 at 2:55 pm to GeeOH
What would you do with 70K?
This post was edited on 1/7/15 at 2:56 pm
Posted on 1/7/15 at 2:55 pm to GeeOH
Or rent to me for a substantial amount less than you are to your current tenant.
Posted on 1/7/15 at 3:10 pm to TheIndulger
quote:
What would you do with 70K?
Thinking about buying another investment opp (trailer park) which currently is generating around $5k/mnth positive. It's not run great now (space is there for more with a little organizing), so I could possibly increase that to $7k+.
So I could go to bank with deal or sell the house and put it towards that new deal. I'm doing the deal, it's just lately I've been worried about housing market getting softer with oil and I could clear the mortgage off my name as well.
Posted on 1/7/15 at 3:13 pm to LigerFan
quote:
Or rent to me for a substantial amount less than you are to your current tenant
How bout this? I raise it to $2500/mnth...he pays 1500 and you pay $1000. Now you'd have a roomy but accomplish your objective of "substantially less" than the $2000.
Posted on 1/7/15 at 3:27 pm to GeeOH
at 23 I'm not sure I want to move in with someone who is the same age as my father. My offer still stands though Posted on 1/7/15 at 3:32 pm to GeeOH
I'd sell. I think the oil worker market is going to go downhill in Lafayette - sell before the prices fall.
Then your trailer park idea is excellent. All those oil workers will need somewhere to live.
Wish every financial decision I was making these days was so simple.
Then your trailer park idea is excellent. All those oil workers will need somewhere to live.
Wish every financial decision I was making these days was so simple.
Posted on 1/8/15 at 6:34 am to GeeOH
Send him my way if you decide to sell it. Sounds like we have similar houses but mine is off Kaliste Saloom
Posted on 1/8/15 at 1:29 pm to lsubandmom
Be happy to, but we did include a clause in the lease agreement that he would have first right of refusal if I sold it.
OR....if he were to have a large enough down payment, I would start a lease/purchase finance agreement with him.
That process would need it's own thread.
OR....if he were to have a large enough down payment, I would start a lease/purchase finance agreement with him.
That process would need it's own thread.
Posted on 1/8/15 at 6:31 pm to GeeOH
I did that one time too. I have been a realtor for many years and actually sold quite a few houses to my tenants.
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