Hopefully this is the right reddit, etc.
Just looking for thoughts and advice that maybe I haven't considered. And perspectives from experience.
I moved about two hours from home, about two years ago.Moved out here for my wife. She cheated on me and left.
Assume the house is fully mine. Im only about a year into my mortgage after a refi.
Bought the house for 400k. Its now worth probably anywhere from 550-600k...as the market is insane and there are different comps that I've received from various real estate agents.
My options are
Sell the house and move back in with parents, and once I settle there... Possibly buy something in my home town where it's more expensive, etc
Rent the house out (probably property management cause I just don't even want to deal with it), move back in with parents and probably have to stay there longer to save up and buy something (since I won't have the cash from selling the house). My mortgage/taxes is 2450...rent for my house is maybe 2800-3000. Property mgmt takes 50 percent of first month's rent plus maybe 130ish a month... Minus wear and tear on home and fixing things etc.And minus any mortgage payments if there are no tenants at all. I feel like id largely be breaking even or coming out only slightly ahead.My other worries are crap renters that ruin the house, as I hear horror stories.Also the covid restrictions that you can't evict people if they fall on hard times. Sucks for them but also sucks for me as I'd still have a mortgage.My worry too is that this house will continue to go up in value. Its a 6 bedroom home in a fast growing city.They're building a new high school and town centers nearby etc.
Anyone have thoughts on this?I'm so torn
Also,I'm 34. Looking forward to move back home, date,and restart my life
I'll be living a bit rent free at parents. I pull in hopefully 5-6k a month
Submitted May 04, 2021 at 09:52PM by Xdronex https://ift.tt/3h5Gam6
