Guest Ginger Olinghouse Posted November 5 Share Posted November 5 I have a rental that is a single family home. It is worth about $375000. I owe 105,000 at 3.5%. It is under rented to my cousin at $1800. I could probably get around $2100 in rent max. I used to live in it and if I sell it this year I can avoid capital gains. My primary residence has a $308,000 mortgage at a 6.99% with only 5% equity. I am trying to figure out what to do. I told my cousin I need to make a change this year because I cannot continue to rent it at $1800. Should I sell it and pay down my mortgage on my primary? Should I increase my rent to $2100 and keep it. Should I sell it and reinvest the money into duplexes/quads to leverage the capital. I am a realtor so I can save the realtor fees. It is a hard decision to make. I am a little low on reserve funds because of moving and having to sink a lot of money into home repairs on my primary home. The rental also has room for an adu to be built in the back yard. The yard layout would work nicely for that. I don't have the funds to do that at this time. I looked into an HELOC or 2nd mortgage, but the rates are too high on a rental. The rental is in Medford, Oregon. It is a hard decision for me to make. Any advise is welcome. Thank you, Ginger Olinghouse Quote Link to comment Share on other sites More sharing options...
8848 0 Posted November 6 Share Posted November 6 8848 Quote Link to comment Share on other sites More sharing options...
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