what should I do

Hi Guys;

I have one house bought at $195,000 with mortgage $125,000. The property tax is $5500 each year and insurance is $1100. The maintainance is around $100 per month ( inclusing the mowering the grass etc. ). Now we have to move out of the state.We have couple of options:

1) Sell the house at $195,000 and take a loss around $12000 ( for agent fees).

2) rent for $1600 and hire a property manager.

we also currently have 9 years left in mortgage payment. Should we refinance to 30 years to get the maximum cash flow if we are going to rent the house out?

 

Thank you

所有跟帖： 

• we are in a price stable area. No appreciation in price in the f -skiiiiiii- ♀ (0 bytes) () 01/17/2012 postreply 09:03:12

• I VOTE FOR "Sell the house at $195,000" -狼的傳人- ♂ (0 bytes) () 01/17/2012 postreply 09:08:27

• Sell. Landlording may not be for you. -cultuslake- ♂ (0 bytes) () 01/17/2012 postreply 09:10:34

• sell, long distance is bad. -jy101- ♂ (0 bytes) () 01/17/2012 postreply 09:50:01

• Are you in New York state? It sounds like it, --- the TAX is hig -hot-chili- ♀ (0 bytes) () 01/17/2012 postreply 10:34:52

• IL -skiiiiiii- ♀ (0 bytes) () 01/17/2012 postreply 12:55:10

• Sell. -abc1967- ♀ (0 bytes) () 01/17/2012 postreply 10:40:29

• 回複：sell and take the loss -jzc- ♂ (51 bytes) () 01/17/2012 postreply 11:40:22