I have a rental house here in GA with a 15-year, 4.875% loan....that I'm currently 7 years into. I have a great renter who's been there for 5 years....and no intention to leave. My wife and I are strongly looking at returning to Portland. My question to you is, wouldn't it make very good sense just to hold on to this GA house................if for no other reason that to retain these great terms and solid renter? I was thinking, if anything, we could retain a rental management company. Poor economy aside, my wife wants us to sell it, then re-invest in Portland. I'm willing to rent for a year. Shoot, the GA house will be paid off in 2017. The renter's monthly payment is now paying close to 70% of the principle portion. Thanks, ABM
...I am sure I don't have the credentials of Maxiepad, but I think it would be unwise for you to sell your rental property in GA. If selling ultimately becomes your goal, then you should at least try to wait for the values to start appreciating once again. Of course, there are several other factors involved when analyzing your specific situation...income, debt, assets, etc, etc...but either way, real estate is one of the very best things to own if you can comfortably afford to [especially with an ideal rental scenario that you already have in place...I am confident that you can find a resonably priced property management company to oversee your "landlord" duties once you move] GOOD LUCK WITH YOUR DECISION!!!
You should know that "maxiep" is short for "maxiepad", which was my college nickname, so what you believe is an insult is anything but.
ABM, since to fully answer your question, I'll have to ask some financially sensitive questions, let's continue this discussion via e-mail. Shoot me an e-mail at negativealphaproposition@hotmail.com.
...I didn't think it was an insult, it is fairly obvious that "maxiep" is short of "maxiepad" [and I can only imagine how you "earned" that nickname...care to share that hilarious story of yours???]
...it depends on where you are trying to get financing from [generally speaking, if you have good credit, verified income and assets, then it is pretty easy to buy whatever you can afford]
Easy as pie if it's stickbuilt, and now thru the next 6-8 months is probably the time to pull the trigger. Investors are snatching up foreclosures at a pretty good clip here in Beautiful Central Oregon.
