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A Little Cash, A Little Property

June 8th, 2009 at 11:29 pm

I 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.

Posted in Personal Finance | 3 Comments »

3 Responses to “A Little Cash, A Little Property”

  1. anonymouse Says:
    June 8th, 2009 at 11:35 pm 1244504137
    1244504137

    Depends on the people you are renting to. How will they maintain the property? Are you willing to put work into the house to make it sell? If I were you I would rent in the new city that you are moving to until you sell one of the other properties. This economy still isn't stable as far as I'm concerned.

  2. gamecock43 Says:
    June 9th, 2009 at 01:04 am 1244509448
    1244509448

    holy cow that's a lot of money. The numbers are too big for me to wrap my brain around right now. But I want to work as your assistant and learn to do what you do. please.

  3. Ima saver Says:
    June 9th, 2009 at 03:28 pm 1244561294
    1244561294

    Why do you need to buy a house costing 1.2 million?

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