So here’s the deal, I bought my home in 2019 in North Los Angeles County. Purchased for $542k. Remaining balance is $487k. Fast forward to today 2024 October, I’m starting to outgrow the 3/3 two story sub 2k sq ft home. Additionally (more the reason for selling) is that 2 miles from where I live there is a landfill that’s emitting potentially unsafe chemicals into the air, creating a panic from residents, EPA is involved, etc. landfill issue may be a 10 yr deal, maybe getting cancer within those years.
So reason for selling and or renting: -landfill -expecting my 5th kid
Reservations are: -My mortgage with impounded taxes/insurance is $3200 a month. Mortgage alone being about $2200 It’s a 2.25% FHA loan.
The home could potentially sell for $700-750k -remaining balance is 487k
I have a second mortgage that I bought a truck/paid off debt with (yea im dumb) hopefully wiser now. That totals $88k.
SO,
My wife and I are worried about the chemical exposure to our family. But the market is God awful and I don’t know what to do. Getting into something similar in price plus an extra bedroom is over 6k a month. We are both income earners at about 290-300k/year. Things are a stretch despite our income.
What would you do?
1.)Rent it for less than $1000k cash flow a month (doesn’t seem worth it in the short term). And rent elsewhere?
2.) sell, bite bullet and buy?
3.) any other ideas?
Thanks in advance.
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source https://www.reddit.com/r/RealEstate/comments/1gfgiyi/real_estate_advice_needed/
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