Hello All,
I own a home in the City Heights area. I bought in July 2001, because I feared not being able to get a property as property values were on a fast ascent. I thought that someday I might live in it, since my primary residence is a rental house, and was worried the elderly landlady might die or sell the property. (This could still happen)
The house has been a rental property since bought. The area gentrified a bit, but not enough, and I have decided I never want to live in this house.
Here are the basic demographics:
1) Fixed 30 year loan, owe $135K, bought house at $150K
2) Refinanced several years ago, so the rent is a little bit of cash flow, $150 a month, which I share with the co-owner.
3) Great tenant, been there almost 3 years, pays rent on time, keeps clean, etc.
I suspect I would get the price I bought it for in 2001, as there is a disclosure on the property, and althought I have kept it up, nothing has been remodeled. So, I would break even.
I would like to buy a house someday in an area that I want to live in. In light of the current economy and tightening lending standards, I am wondering if I should just hang on (of course the tenant could leave anytime….) or sell it now while I can still break even.
I’d hold if you can float rent at break even AND if you’re not in financial dire such that you can’t pay 6 months of it’s mortgage in case something happens to vacancy.
I’d hold if you can float rent at break even AND if you’re not in financial dire such that you can’t pay 6 months of it’s mortgage in case something happens to vacancy.
I’d hold if you can float rent at break even AND if you’re not in financial dire such that you can’t pay 6 months of it’s mortgage in case something happens to vacancy.
I’d hold if you can float rent at break even AND if you’re not in financial dire such that you can’t pay 6 months of it’s mortgage in case something happens to vacancy.
I’d hold if you can float rent at break even AND if you’re not in financial dire such that you can’t pay 6 months of it’s mortgage in case something happens to vacancy.
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