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#### RichieG

##### Contributor

- Sep 27, 2018

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We are currently in a position where we have a property ( not our main residence ). It is rented to us by my Father In Law and he won't be moving out. He is 72 and there for the rest of his life. We will then sell.

The property value is now approx 160,000 and we have an outstanding mortgage of 96,000. So we have 40% equity in the house as a buffer. We currently don't have enough cash to pay off the remainder of the mortgage.

The rent covers the mortgage and maintenance is covered by him.

So the options are: ( forgetbhe is family!)

- Do we sell and pocket 64,000 minus taxes and have no debt at all

- Save 96,000 asap and pay off the mortgage

- Continue as we are. Paying the mortage with the rent and save the remainder owed on the mortgage so we have in theory no debt ( just an asset with cash to pay if we need to )

We currently rent and have an absolute steal. The mortgage on this property would cost 50% more so we are happy with this deal

Look forward to hearing the fastlane thoughts on here.

The property value is now approx 160,000 and we have an outstanding mortgage of 96,000. So we have 40% equity in the house as a buffer. We currently don't have enough cash to pay off the remainder of the mortgage.

The rent covers the mortgage and maintenance is covered by him.

So the options are: ( forgetbhe is family!)

- Do we sell and pocket 64,000 minus taxes and have no debt at all

- Save 96,000 asap and pay off the mortgage

- Continue as we are. Paying the mortage with the rent and save the remainder owed on the mortgage so we have in theory no debt ( just an asset with cash to pay if we need to )

We currently rent and have an absolute steal. The mortgage on this property would cost 50% more so we are happy with this deal

Look forward to hearing the fastlane thoughts on here.

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