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I just bought 2m house with a 6.5% rate. Moved in from a 500k condo I bought at 2.75% rate. Rent rate (zillow) for my condo is $3k per month, which barely covers my condo PITI + HOA + property manager fee. Condo's valuation increases very slowly, like ~150k in 5 years. By general suggestion I should just sell it, but... There's a possibility of never getting that good price and interest rate again, ever! So it acts more like an emergency fund (safe house to return in case economy gets funky in the next 10 years) Also, it only accounts for a relatively small portion of my NW, so not risky. Should I sell it or rent it and have the tenant pay the mortgage over time? TC: 700k NW: 2.5M
You have to pay property tax + tax for rental income.
Nice dude you know how the economy works
PITI is already including property tax. Rental income will be as trivial as the delta income I get for the condo.
Give it to me for free
I would rent it out until summer-2025 and see how the expense vs rent looks like. There's no shortage of buyers in this area anyways so you'll find a buyer next summer too. You also get real life experience of real estate investment :)
Rent it
Same situation, I am holding mine in the hopes that inflation will pay off my condo.
Exactly. Dude you summarized my intention in my post in one sentence.
Keep it mate
150k in 5 years on a 500k condo is a great return
💯
Sell
easy answer - sell it if you can cover the sale expenses with the price you can get ....fyi - sales expenses in King County are approx 6-8% of the price - if you sell it - find and use an agent that familair with the complex and area
~150k definitely covers the sales expense. But how about the hidden advantage of low interest
Agreed … keep in mind hoa and taxes will likely increase …. Possible condo assessments … prop mgt fees unless you manage it yourself …. There will be months with no rental income is received ….
You should sell it forsure, exclusively on the grounds of making a pivotal financial decision based on anonymous feedback from Blind
In all honesty, rent it baby! Milk the low I rate and build wealth in your property NW
This is de way