I have a second property I chose not to sell when we bought a home in another city since my partner was still living in it due to his job situation. So we have been paying 2 mortgages for a year.
Because he will be moving out of the house soon and into our home in another city, I am not sure if I should rent or sell it?
If I rent it I have to do some maintenance on the foundation since it’s an old pier and beam, replace siding, replace some plumbing, and repaint it (the house is about 100 years old and the previous owners did some good work to it but it is in need of a lot of maintenance anyway). At the very least, and that will be money I really don’t have and will essentially have to use some emergency funds to pay for. I then could rent it for a bit more than my mortgage payment, but not that much more. And I’d have to hire a property management company since I am out of town.
Or I could sell it and make about 80K without probably having to do anything to it.
The thing is the Tesla factory is about to open up about 30 minutes down the road so I am not sure if I should hold on to it or if this market is just too good to pass up. It is on a large lot that could have another home built on it, a garage apartment, or a studio. It has a lot of potential but I am pretty cash poor.