Should I Keep Or Sell...
Hi all,
This is my first post and I am hoping someone can help point me in the right direction. I recently (4 months ago) purchased a duplex in Staten Island, NYC for $740K. I put 15% down and my total payments are $4K per month. The house is very unique, the previous owner built out the attic and finished the basement, he also replaced most of the electrical and plumbing and kept the original woodwork-house was built in 1930. I have a short term tenant in the front (side by side) for $1,600.00 per month. Many applications, rented 3rd day.
Based on the area, convenience to the city, etc I am pretty sure I can rent the back house out for around $2,000.00. I currently live there and my wife and I are not very happy without having a big yard for the dogs and baby (too late). I am contemplating buying a primary for myself not too far away and renting out my apt, only thing is, after mortgage, taxes, ins and a sinking fund for gutter cleaning, maintenance, etc. I will probably be out of pocket $600 per month. I bought the property with the intention of living there for a few years and keeping it as a rental and paying down the home equity which I would break even afterwards. The prices in my area are outrageous and it is almost impossible to buy something else and see a profit without putting down a significant amount. I can handle losing a few bucks each month but do others do this and does it work out in the end? Should I sell or hold out for the long term? I appreciate the advise.
Comments(0)