Looking for advice/opinions

Hi all,

I’m 23 years old and about a year ago I inherited and moved into a 900 sq ft 2/2 manufactured home with my girlfriend. Mortgage and HOA only runs us about $450 total per month, with $9k left to pay on the loan. Rent estimate is roughly $1k, and selling estimate is right around $115k (purchased for $39k).

Recently we have been entertaining moving into an apartment closer to the city for the sake of convenience, closer to our jobs as we commute roughly 1hr to and from, and better quality of life overall as the home is located pretty far out there. We are able to afford it, the current home is just a means for cheap living. Despite working in investment management, real estate is totally foreign to me.

I am seeking advice on what to do in my situation, as I think staying at the home is pretty much out of the equation. Would you rent and pay off the loan, then use the income as supplemental? Or sell, and pocket roughly $70-80k for a downpayment on a much nicer home when the opportunity arises? The home is mostly updated and renovated, and I would prefer to rent but renting may be cumbersome as repairs are sure to keep popping up (built in 1980’s).

Let me know what you would do in this situation.

submitted by /u/StonkSlayer25
[link] [comments]

Hi all, I’m 23 years old and about a year ago I inherited and moved into a 900 sq ft 2/2 manufactured home with my girlfriend. Mortgage and HOA only runs us about $450 total per month, with $9k left to pay on the loan. Rent estimate is roughly $1k, and selling estimate is right around $115k (purchased for $39k). Recently we have been entertaining moving into an apartment closer to the city for the sake of convenience, closer to our jobs as we commute roughly 1hr to and from, and better quality of life overall as the home is located pretty far out there. We are able to afford it, the current home is just a means for cheap living. Despite working in investment management, real estate is totally foreign to me. I am seeking advice on what to do in my situation, as I think staying at the home is pretty much out of the equation. Would you rent and pay off the loan, then use the income as supplemental? Or sell, and pocket roughly $70-80k for a downpayment on a much nicer home when the opportunity arises? The home is mostly updated and renovated, and I would prefer to rent but renting may be cumbersome as repairs are sure to keep popping up (built in 1980’s). Let me know what you would do in this situation. submitted by /u/StonkSlayer25 [link] [comments]

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