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SVTPerformance's Chain of Restaurants
Road Side Pub
advise on home sale
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<blockquote data-quote="black4vcobra" data-source="post: 14246142" data-attributes="member: 82394"><p>I'm interested in hearing what others have to say as I'm in a similar situation, though I own a duplex and am renting both sides. It is a major headache renting to people so I don't blame you OP at all for not wanting to become a landlord. </p><p></p><p>As for me, bought duplex in 2009 for $185k, fair market value is now $175.5k and I owe $156k on it. Between mortgage, PMI and escrow, I pay about $150 a month more than I am collecting in rent, though the plus side is one of the tenants takes care of lawncare, snow removal and minor fixes around the place for a reduced monthly rent. The equity I'm gaining and the tax break I get for the mortgage more than offset the additional out of pocket monthly expense so I'm not too worked up about losing money each month. </p><p></p><p>Do I sell it or hang onto for a while yet? I'd hate to have a realtor take a 6% bite out of whatever it would sell for and ideally it would be great to have some money in my pocket after selling it to buy a different house in the next couple of years. Selling it myself next year might be an option but I'd have a lot to learn.</p></blockquote><p></p>
[QUOTE="black4vcobra, post: 14246142, member: 82394"] I'm interested in hearing what others have to say as I'm in a similar situation, though I own a duplex and am renting both sides. It is a major headache renting to people so I don't blame you OP at all for not wanting to become a landlord. As for me, bought duplex in 2009 for $185k, fair market value is now $175.5k and I owe $156k on it. Between mortgage, PMI and escrow, I pay about $150 a month more than I am collecting in rent, though the plus side is one of the tenants takes care of lawncare, snow removal and minor fixes around the place for a reduced monthly rent. The equity I'm gaining and the tax break I get for the mortgage more than offset the additional out of pocket monthly expense so I'm not too worked up about losing money each month. Do I sell it or hang onto for a while yet? I'd hate to have a realtor take a 6% bite out of whatever it would sell for and ideally it would be great to have some money in my pocket after selling it to buy a different house in the next couple of years. Selling it myself next year might be an option but I'd have a lot to learn. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
advise on home sale
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