I have been debating with myself over the last few months with this issue and changing my mind back and forth. So I thought I would put it up here to see what everyone says. Quick info on me. 31YO, wife and 4YOson, O4 Army, 110K in retirement accounts, 30K in cash, 7K in college savings.
Situation: I own two homes, both are about to be rentals. When I bought them I was always intending them to be rentals when I moved. It has been part of my retirement planning to buy houses, rent them when I move, then when I retire sell and what ever the equity is, buy the new house out right.
House 1: Is a smaller house, in a small military town. It is worth about $135K and I owe 95K(put zero down payment). Great rental market, had it since NOV 04, and never been without a renter more than a couple days. It cash flows around $100/mo after property management fees. Still have a 5.65 30 year fixed rate.
House 2: Larger home in Raleigh, NC. It is worth aobut $300K and I owe 220K(put a large down payment). Planning to move next year, the house is in a great area, schools, community centers, and parks are being built all around it. I believe rent will make me break even after fees, I think the area is growing and think it will appreciate in value.
Question(all 3 I have thought about doing within the last few months):
1. Should I sell both?
2. Should I sell one?
3. Should I refi both and keep them, and stick to the plan.
Situation: I own two homes, both are about to be rentals. When I bought them I was always intending them to be rentals when I moved. It has been part of my retirement planning to buy houses, rent them when I move, then when I retire sell and what ever the equity is, buy the new house out right.
House 1: Is a smaller house, in a small military town. It is worth about $135K and I owe 95K(put zero down payment). Great rental market, had it since NOV 04, and never been without a renter more than a couple days. It cash flows around $100/mo after property management fees. Still have a 5.65 30 year fixed rate.
House 2: Larger home in Raleigh, NC. It is worth aobut $300K and I owe 220K(put a large down payment). Planning to move next year, the house is in a great area, schools, community centers, and parks are being built all around it. I believe rent will make me break even after fees, I think the area is growing and think it will appreciate in value.
Question(all 3 I have thought about doing within the last few months):
1. Should I sell both?
2. Should I sell one?
3. Should I refi both and keep them, and stick to the plan.