Hi everyone, I'm seeking advice on what to do with our rental home. We purchased a house in the PNW region back in 2022 to live during my tour there. However, since we moved, we've been renting it out. Now, I'm contemplating whether we should sell it, as we don't plan on moving back there. I'm also planning to transition out of active duty within the next 3 years, possibly sooner, depending on my medical situation.
House info:
• Purchase price: $415K
• Interest rate: 2.8% (VA home loan)
• Rolled some closing costs into the loan, making the toal loan amount $424K
• Current loan balance: $402K
• After property management fees, we receive $1,800 per month
• Total monthly mortgage payment: $2,128
Although we are not making a profit, I know we could by raising the rent or managing the property ourselves. I've viewed the house as a financial investment that diversifies our portfolio, but given our future plans, I'm unsure whether we should sell or continue renting out. We are considering raising the rent as it is on the lower end compared to realtor and zillow estimates. Online data suggests the house could sell from a range of $420K to $500K. I haven't consulted with a realtor yet, but what do you all think? Try and sell at some point or keep renting it out?
Sell or keep rental house?
byu/runnergreen901 inMilitaryFinance
Posted by runnergreen901
1 Comment
I’d reconsider the property management company. Is it worth their expense? I own in SoCal with a very low interest rate. Once I move I plan on renting it with Zillow, their website provides a lot of services for free that you may be interested in using. A Management company down here would take all of my profit for not much gain for me (my opinion).