Last year I purchased and renovated a primary residence for family reasons. ~360k mortgage at 6%
Failed to sell my old house after the market downturn last summer. Worth 700ish. ~340k mortgage at 2.75%. Currently have renters until next March at 3200/mo (Payment is 2200)
Took a 50k 401k Loan and floated some on CC balances to finance renovations. CC balances are almost gone, should be totally handled in 4-5 months assuming no other major expenses. No other major debt.
Part of me really wants to sell the house next year when the housing market warms back up in the spring in order to pay off mortgage and start bombing cash into 401k to pay back that loan. That said, it's a fairly nice neighborhood, growing area, and it's hard to imagine getting rid of the 2.75% loan on a property that's technically making income (despite having already dumped 4k in repairs on it since the tenants moved in last November). Kinda sick of being a landlord.
I'm early 40's with decent income and in-demand skillset (IT). Contributing 12% to 401k + payback, and still enough to pay mortgage, bills, have a little extra for fun, and make progress on CC balances. ~250k in retirement assets.
Any advice on selling the house or just keeping it since 2.75% is kinda unheard of these days? I'm sure the long-term play is probably keep the house as long as it's making me money... like I said tho, just sick of being a landlord, and I'd like to have the money for vacations before my kids are fully grown.
Submitted July 06, 2023 at 12:44AM by PaxGigas https://ift.tt/cfPyOgz
