Hello, I need advice from experienced real estate investors please.
I need to find a place for my parents to leave till the end of the lives, and we are in Arizona.
I own a house that is currently in rent. I bought it for about $350k and it’s worth about $800k now and I owe about $270k on it. The rent payment is $2900 and mortgage is $2300. I also have another rental that I acquired mire recently in a promising location (a big development is under way in the area). But the rent is $2500 and mortgage is $2900. So the two sort of offset each others costs.
I identified a condo for $320k for my parents which I can pay cash for. Should I go for it or instead have them live in the first house (it’s in the right location for them) and put the cash to pay off the remaining mortgage? I don’t know how to calculate the pros and cons here.
Thank you!
I need to find a place for my parents to leave till the end of the lives, and we are in Arizona.
I own a house that is currently in rent. I bought it for about $350k and it’s worth about $800k now and I owe about $270k on it. The rent payment is $2900 and mortgage is $2300. I also have another rental that I acquired mire recently in a promising location (a big development is under way in the area). But the rent is $2500 and mortgage is $2900. So the two sort of offset each others costs.
I identified a condo for $320k for my parents which I can pay cash for. Should I go for it or instead have them live in the first house (it’s in the right location for them) and put the cash to pay off the remaining mortgage? I don’t know how to calculate the pros and cons here.
Thank you!
Statistics: Posted by reazayt01 — Thu Jan 11, 2024 4:00 pm — Replies 0 — Views 98