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Should I stay or sell? 👀

  • Family of 3
  • 5/3, 2900 sq ft
  • I owe $255K on the VA loan
  • 2.25% interest rate
  • 25 years left
  • Built 2008
  • Located in North Jacksonville, FL
  • $1740 monthly mortgage
  • House rented out for 3 years @ $2745/month ($2470 after PM cut)
  • Equity $195K (if sold for $450K)

Dilemma: If I keep this house and continue renting out I won't have enough to buy a new house.

Reasons for selling:

Would free up funds for buying a new home (much smaller as the family has downsized) + extra

Don't see the family going back to this house after rental period. Don't really like the area(too far from the city) and far too large for us now.

I dumped a lot of money into prior to leaving the state. (new MB flooring, new A/Cs installed) The roof is coming up on its time for replacement(currently 18 years) and the property needs a new sprinkler system.

HOA is $750/year, I feel is a bit much for what the community provides

Possibility of finding an assumable rate on the market close to the 2% rate that I have.

Reasons for staying:

Can continue to rent out for passive income

submitted by /u/jamesFox44
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1rzoogd/should_i_stay_or_sell/
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