A Little Cash, A Little Property
June 8th, 2009 at 11:29 pmI am seeking input: Currently own 2 homes in "declining market". One home is valued at $620K, and the mortgage owed is $197K. The other home is valued at $480K and the mortgage owed is $565K. Also owned is a rental property, free and clear of mortgage, valued at $250K, and a piece of land, clear of mortgage, valued at $100K. Salary earned annually is $375K. We have to move for career, and salary would remain the same. Looking to rent out home valued at $480K and possibly home valued at $620K. Issue is the market we are moving to, purchase price of home is ~$1.2MIL. Don't really want to sell home value at $620K as it may increase $100K in 18 months. Is it worth it not to sell, and hold and rent it? Or just sell, and put money toward new home ~$1.2Mil.