We live in the Bay Area and my husband. We have maxed out our 401Ks, have sufficient in other investments and paying two mortgages - one on a condo purchased in 2016 (2.625% rate for 30 years), that we lived in until 2021 and 2nd on our current home (2% 7:1 arm).
We have been renting our condo for the last two years and almost breaking even including property tax, property manager’s flat 10% and expenses. I expect to be able to increase the rent this year to get to breaking even.
We are coming up at the mark where we can sell the condo and benefit from not paying taxes on $500k of the profit. Need advice on if to keep renting the condo or sell it. The value has remained flat in the last 4 years. It is in a good location next to downtown and Caltrain but a 20 year old condo.
Edit: fixed typo to clarify that the question is about selling the condo. We plan to continue to live in our current 2nd house.
Submitted October 16, 2023 at 11:55PM by i_am_smarty_pants https://ift.tt/xo2UMK7
