Are you also looking for advice on what clothes to wear tomorrow and what style haircut to get?
It’s a personal choice. It depends upon your investment progam, your goals, your approach. Figure out what you are doing, then you can figure out what to do with this property. It certainly sounds like it would be a reasonable rental property to hold until death do you part.
Which is the major reason you are investing in this property? Cash flow? Appreciation? Tax benefits? This alone might determine what to do with it.
Got a house, not sure what to do. Paid $45,000 for it, owner financed for 30yrs @ 7.5% payments are 280.00 month (Balloon in 5 years; $2000 penilty for early payoff within the first two years) We have 1 1/2 years to go. Needed a fair amount of work about $9500.00. Fair market value is $82,000 Fair market rent is about $685.00 month. Here’s my question, do I rent it or do I sell it or maybe a L/O and if so how do I structure it. Could use the money from the sell but not critical. P.S. the house still could use vinyl siding and soffit, about $6,800 worth, and would only bring the fair market value up to $89,000.
As Ron stated, it’s a matter of personal choice. Figure out WHAT you want/need out of the property and there lies your answer to the question of what you should do.
In the future, Mike, might I suggest that you figure out your exit strategy BEFORE you buy the property.