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/u/Proud_Cat_8400
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We purchased our first home in 2021 (2 bed, 1 bath) with a 2.75% interest rate. We have loved living here but are starting to outgrow the space. Our incomes have significantly increased since we purchased the home.
Last month, we bought another home in the same neighborhood (4 bed, 2 1/2 bath). It has good bones, but needs general updating and most of this we can do ourselves over time.
Because of the new house, our ability to save has significantly declined. Now, after the new mortgage, all expenses, and maxing out our retirement we can only save about 3k a month.
I’m wondering if it is worth keeping the second home as a rental, we are basically breaking even on it, or if we should sell it and take the proceeds to at some point refinance the new house and put a significant amount down. If we sold the first house told we would walk away with 200-225k.
Looking for advice if it’s worth sticking it out to be tight on money for a few years and keep the investment property or to sell it and move on.
submitted by /u/Proud_Cat_8400
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Keep first home as rental?
Continue reading...
Last month, we bought another home in the same neighborhood (4 bed, 2 1/2 bath). It has good bones, but needs general updating and most of this we can do ourselves over time.
Because of the new house, our ability to save has significantly declined. Now, after the new mortgage, all expenses, and maxing out our retirement we can only save about 3k a month.
I’m wondering if it is worth keeping the second home as a rental, we are basically breaking even on it, or if we should sell it and take the proceeds to at some point refinance the new house and put a significant amount down. If we sold the first house told we would walk away with 200-225k.
Looking for advice if it’s worth sticking it out to be tight on money for a few years and keep the investment property or to sell it and move on.
submitted by /u/Proud_Cat_8400
[link] [comments]
Keep first home as rental?
Continue reading...