Initially I had planned to flip this house after I converted the garage into a guesthouse, but during the period the market started getting crappy so I held onto it to sell when the market got better, but obviously the market kept getting worse(bought 2+ years ago.) This wasn't intended as a buy and hold.
Mortgage/taxes/insurance: $1800
Rent: $1400($1000 from main house and $400 from guest house)
I don't think what I bought for and what I can sell for matter that much, but fwiw, if I sold I'd be selling at a loss, but I don't think it'd be too bad. So I'd be able to write it off.
If I hold the property, I'm basically losing $5k+/year to hold it and wait out the market. So if I end up holding for 4 years lets say, that's $20,000 I pay just to not sell in a bad market. And who knows if the house is going to go up $20k in the next 4 years. On top of that though, it's the hassle of owning a house when I don't really want to deal with any of the hassles since I have a lot of other things going on, and if I paid a property management company to deal with it it'd be another $1k/year out the door.
The house is in Tucson, AZ.
Thoughts?
Mortgage/taxes/insurance: $1800
Rent: $1400($1000 from main house and $400 from guest house)
I don't think what I bought for and what I can sell for matter that much, but fwiw, if I sold I'd be selling at a loss, but I don't think it'd be too bad. So I'd be able to write it off.
If I hold the property, I'm basically losing $5k+/year to hold it and wait out the market. So if I end up holding for 4 years lets say, that's $20,000 I pay just to not sell in a bad market. And who knows if the house is going to go up $20k in the next 4 years. On top of that though, it's the hassle of owning a house when I don't really want to deal with any of the hassles since I have a lot of other things going on, and if I paid a property management company to deal with it it'd be another $1k/year out the door.
The house is in Tucson, AZ.
Thoughts?
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