What would you do?

naturegirl said:
See how nice it is to throw things around to a group of smart folks!! Personally I'd hold on to it if the rent is covering the mortgage costs. As long as it's not costing you anything, I wouldn't take the loss.

I have a favorite saying I use often............None of us are as smart as all of us. :)
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I've always said, I don't have to be smart. I just surround myself with smart people. See, it works!
 
If you can pay it off, and hang on to it, and you have good renters - I'd hang on.

As for investing, have you looked at the market lately?

You could easily loose the same money you invest in a downturn.
 
As long as the rent is covering costs, hang onto it.

Many houses are selling right now for less than the materials to build them today would cost. This is not sustainable; as soon as new home construction resumes these homes will have an almost overnight increase in value. It will be many years before values are where they were, but they will swing to a point that is more realistic than the extreme over-valuations and under-valuations we've seen.
 
I'd keep the house and continue renting it, especially since you have renters and the rent is covering the mortgage. I read an article a couple of months ago there was a shortage of rental property in many areas and the cost of rent was rising. Even if you lost these renters in a year, it probably wouldn't take long to find another. I would remortgage it for a lower interest rate and payment. Once your mortgage payments are reduced, take the difference to pay towards the principle of the mortgage.
 
Where is our resident real estate dude, Winchester?

I can imagine home values can only go up in the next few years. IMHO, I would hold on to it if it wasn't causing a financial hardship and sell it to make the money ;D
 
Just be sure that all of the true costs of holding the house are covered, not just the mortgage payment.

(insurance, maintenance, etc.)
 
unionmom said:
Just be sure that all of the true costs of holding the house are covered, not just the mortgage payment.

(insurance, maintenance, etc.)
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I think I'll re-run my cat video :laugh

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Grey Colson said:
unionmom said:
Just be sure that all of the true costs of holding the house are covered, not just the mortgage payment.

(insurance, maintenance, etc.)
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I had the conversation with the Chief last night. It lasted all of three minutes. After considering all of the posts, I made the decision to not sell the house and just pay it off early. Since she has an equal and binding vote, I thought she might balk. She said, "okay". That was it. I was expecting more of a discussion.

After running the numbers, I'll save 150K in interest alone. All the maintenance, insurance, taxes have always been current. It is a beautiful home and probably one of the best maintained rentals out there. Fortunately, we don't have to sell and are not in the bind that many people are with their homes.

Thank you all for your advice. It really helped me in forming what I believe is the correct game plan. You guys are awesome!
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