mama_alludu Posted February 20 Report Posted February 20 Currently in a townhome bought in 2021 in a good school district with significant desi community in Charlotte NC. Townhouse is 8 year old. Recently signed a single family home and moving out in next 3 months. Current mortgage rate on townhome is 2.6% (10yr fixed, then variable). Next 7 years will be same 2.6% rate. Monthly mortage payment, insurance, taxes and HOA is $1750. Rents in the area is around $2000. Current equity on townhome is $150k. Is it good to rent the townhome or sell it ? New townhomes might come in the area. Quote
citizenofIND Posted February 20 Report Posted February 20 If you have down for sfh then i would rent and let rent payoff. In future you may not afford townhome in desi community area Quote
Hitman Posted February 20 Report Posted February 20 Rent it. 2.6% for next 7 years is a gift. The cost of renting will be increased in near future as many people will see owning is not affordable. 1 Quote
FrustratedVuncle Posted February 20 Report Posted February 20 39 minutes ago, mama_alludu said: Currently in a townhome bought in 2021 in a good school district with significant desi community in Charlotte NC. Townhouse is 8 year old. Recently signed a single family home and moving out in next 3 months. Current mortgage rate on townhome is 2.6% (10yr fixed, then variable). Next 7 years will be same 2.6% rate. Monthly mortage payment, insurance, taxes and HOA is $1750. Rents in the area is around $2000. Current equity on townhome is $150k. Is it good to rent the townhome or sell it ? New townhomes might come in the area. Rent it. Quote
Jatka Bandi Posted February 20 Report Posted February 20 4 minutes ago, FrustratedVuncle said: Rent it. baa, chelli emantundi baa? pichi tagginda? 2 Quote
Popular Post akkum_bakkum Posted February 20 Popular Post Report Posted February 20 1 hour ago, mama_alludu said: Currently in a townhome bought in 2021 in a good school district with significant desi community in Charlotte NC. Townhouse is 8 year old. Recently signed a single family home and moving out in next 3 months. Current mortgage rate on townhome is 2.6% (10yr fixed, then variable). Next 7 years will be same 2.6% rate. Monthly mortage payment, insurance, taxes and HOA is $1750. Rents in the area is around $2000. Current equity on townhome is $150k. Is it good to rent the townhome or sell it ? New townhomes might come in the area. Emi anukokanna..... Antha obvious answer ki confirmation aduguthunnavu....kindal aa 3 1 Quote
Popular Post Gorantlamdhav Posted February 20 Popular Post Report Posted February 20 1 hour ago, mama_alludu said: Currently in a townhome bought in 2021 in a good school district with significant desi community in Charlotte NC. Townhouse is 8 year old. Recently signed a single family home and moving out in next 3 months. Current mortgage rate on townhome is 2.6% (10yr fixed, then variable). Next 7 years will be same 2.6% rate. Monthly mortage payment, insurance, taxes and HOA is $1750. Rents in the area is around $2000. Current equity on townhome is $150k. Is it good to rent the townhome or sell it ? New townhomes might come in the area. Sell and pay it as down payment Reason: you get 150k at 0% apr otherwise 150k ki 7% is 10k /year kattali new house ki extra. old home will have repairs soon which is burden rents will go down as the house is getting old and new ones coming in the area you are saving straight 10k per year on interest which can go towards principal 4 Quote
RPGPulka Posted February 20 Report Posted February 20 1 hour ago, mama_alludu said: Currently in a townhome bought in 2021 in a good school district with significant desi community in Charlotte NC. Townhouse is 8 year old. Recently signed a single family home and moving out in next 3 months. Current mortgage rate on townhome is 2.6% (10yr fixed, then variable). Next 7 years will be same 2.6% rate. Monthly mortage payment, insurance, taxes and HOA is $1750. Rents in the area is around $2000. Current equity on townhome is $150k. Is it good to rent the townhome or sell it ? New townhomes might come in the area. waste ga second home konni tappu chesavu nuvvu kuda mama la migilipotavu loss lo paddi cc @Android_Halwa @Raisins_72 Quote
GelakoduKri Posted February 20 Report Posted February 20 2 hours ago, mama_alludu said: Currently in a townhome bought in 2021 in a good school district with significant desi community in Charlotte NC. Townhouse is 8 year old. Recently signed a single family home and moving out in next 3 months. Current mortgage rate on townhome is 2.6% (10yr fixed, then variable). Next 7 years will be same 2.6% rate. Monthly mortage payment, insurance, taxes and HOA is $1750. Rents in the area is around $2000. Current equity on townhome is $150k. Is it good to rent the townhome or sell it ? New townhomes might come in the area. Extra liability, What year was it built in? It will all work fine in happy path but think -If you can effort payments if it wont rent it out for 3 to 4 months ? If its more than 10 year old it will start giving you HVAc issues , appliances . Keep it in mind , you need to pay taxes of the rental income. But 2.6% is tempting. DONT PLAN TO RENT IT TO DESI- with our notice, they leave and say Ardam chesuko BROOO job lost job location change ayaindi ani solu cheptharu. Quote
phatposts Posted February 20 Report Posted February 20 For that area definitely sell. Take the 150 and either down it on new primary or put in long term index funds. You are barely breaking even if you add property management. That leaves no room for vacancy, repairs, unfortunate situations like eviction, big repairs like hot water heater, hvac etc. If you keep you are purely betting on future appreciation in exchange for liability and also the hook for Cap gains when you sell After 2 years. I would 100% sell. Quote
idibezwada Posted February 20 Report Posted February 20 i would sell..$1750 EMI katte chota $2000 rent vaste alochistunnarava....nenu $2600 EMIki $3800 vastunte ne think chestunna.. Quote
kiraak_poradu Posted February 20 Report Posted February 20 3 hours ago, mama_alludu said: Currently in a townhome bought in 2021 in a good school district with significant desi community in Charlotte NC. Townhouse is 8 year old. Recently signed a single family home and moving out in next 3 months. Current mortgage rate on townhome is 2.6% (10yr fixed, then variable). Next 7 years will be same 2.6% rate. Monthly mortage payment, insurance, taxes and HOA is $1750. Rents in the area is around $2000. Current equity on townhome is $150k. Is it good to rent the townhome or sell it ? New townhomes might come in the area. Don’t sell Kaka Quote
Deadp0ol2 Posted February 20 Report Posted February 20 ammesi aa amount downpayment ki katti nee monthly EMI tagginchuko. $250 profit per month ki intha alochistunaava. 1 Quote
citizenofIND Posted February 20 Report Posted February 20 1 hour ago, phatposts said: For that area definitely sell. Take the 150 and either down it on new primary or put in long term index funds. You are barely breaking even if you add property management. That leaves no room for vacancy, repairs, unfortunate situations like eviction, big repairs like hot water heater, hvac etc. If you keep you are purely betting on future appreciation in exchange for liability and also the hook for Cap gains when you sell After 2 years. I would 100% sell. I don’t see any point here. If he is having down amount for new home, no one say to sell. Charlotte rentals in desi community is challenge. I case if market is good then he can still post for sale right. 1 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.