I bought a condo in 2014 for $205,000 and it is currently valued around $415,000. I have ~$150,000 left on the mortgage. I am considering buying another property and renting out the condo. If I were to rent it out, I could probably profit around $300-$400 per month after paying the mortgage, taxes, insurance, and condo fees.
I believe that conventional wisdom would say to hold on to the condo and rent it out. However, it is tough to pass up that amount of cash. If I were to sell, I would likely use the profits as down payments on additional rental properties. What's the best play here?
Additional info: single, fully stocked emergency fund, max out 401k and Roth IRA
Submitted November 05, 2020 at 04:30PM by puffer617 https://ift.tt/2I8qW0F
