So my wife and I have no debt beyond these two mortgages. Both are around 3.75%. 1st: my primary residence - Mortgage is on $220,000, $1700 a month. 800,000 equity.
2nd: a condo we rent out as income property. Mortgage is $105,000, after PMI and HOA it’s about 1,000 a month. Our tenants pay $1,450. There’s about $200,000 in equity there.
Every time I have to go over there to do something (leaky faucet, washer is broken, AC stopped working etc.) I just want to sell the place. I know I’d take a big hit in capital gains though, and maybe it’s a dumb idea to get rid of a property that I can comfortably say will never lose value, due to the local market. It’s one of those places that never ever goes down.
Do I hang on to it for retirement, or sell it and use the money to pay down my principal on my primary residence and do a bunch of deferred maintenance? My wife and I are 35, we do have retirement accounts, although maybe a bit behind where we should be on those. Any thoughts are appreciated on the matter!
Submitted May 11, 2019 at 11:17AM by max_lombardy http://bit.ly/2WCflZN
