Inputs on selling the house
I am planning to sell my house due to the following scenario: 1. No gc, just 140 approved, so no idea about being left jobless when the recession hits, considering that juniper is not doing that great as well. This is a huge factor because in the worst case scenario, i don't want to go back empty handed. 2. If i sell now, there is a 3 x return on my initial investment, this is a good sum, considering i want to go back to india. 3. Even if i decide to stay here, i can always buy back on a dip, whenever that would be, willing to stay rented till then. Am not sure if the prices would ever go down a lot, but i keep reading we are due for a correction :) Woukd like some inputs, just to check that am within sanity, in deciding to sell my house.
Sell if you want but wouldn't bet on a dip.
If you rent it out.... Does it cover your mortgage?
Yes, for now, can get a 1k additional amount after covering the mortgage
Rent it out then and start making money. In time you will make even more money on it. If you never get the green card, you can get a friend or realtor to take care of it.
How much of a dip depends on the school scores (elem through high school) where your property is at. The higher the scores the more immune to economic fluctuations. Second would be proximity to jobs.
Sell it. You can always rent if you change your mind. You save a boat load on taxes, $500K gains exemption. With the $$ that you invest, even in treasury bonds at 3%, you can have a nice nest egg compounding.
May I ask the elementary school name? Just was wondering which elementary school is SC is good.
Don callejon, considering just the elementary portion of it, i have heard good reviews
If you rent this out and monthly payments can cover the expenses and mortgage then I say rent it out. As long as you can ride the correction. And if there is a bigger correction plan for exit strategy there will be other options you can use. Renting it out will add more expenses other than mortgage, property tax, etc.. you will need to consider property management, vacancy rate, etc.. msg me and I’ll send you a spreadsheet that will calculate you projected income and list out possible expenses
Your 3x return might be subject to capital gains tax if the profit is over $500K for married and $250k if single. So consider that into your equation for going back to India. If you cannot get a good night sleep by owning the home then Sell it. No need to try and time the market.
Thanks, yeah the profit is below that.