My cost of the rental house after renovation is $100k. I can rent it for $850/mo (roughly 8% return after property taxes/ins.) or I can sell it for $150K (and pay around 25% income taxes) or I can take an equity loan for part of the value, get some income and buy the next rough diamond. Ideas?
Rent Back
I would sell it. I don’t think $850 per month is sufficient return on an investment of $100k.
The one caveat might be if you think the market is depressed and will come up substantially in value soon. That is, if your $150k house is worth $225k in a couple years, etc.
Good luck.
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Comment by ? — February 3, 2010 @ 3:26 am
sell using a 1031 exchange. Speak to a CPA that specializes in RE about it.
Comment by Nick — February 5, 2010 @ 4:57 am
any house you can buy for 100,000 and rent it out for 850 is a good deal,
you should be able to cash flow that no problem, even if taxes are 2,000 per year.
Comment by Billy Cunningham — February 8, 2010 @ 4:11 pm