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Should I sell or keep a two-family home?

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August 16 2009 - Scotch Plains
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Answers (4)

I would find a property manager.  Their fee is usually 1 mos. rent and they could handle placing tennants and utility calls. 

Once the property is rented and you have that additional income stream you may feel better about holding onto it.  Particularly if you hold on for another 5-10 years to recoup some or all of the depreciation. Also if you're still in the work force it could help to have the added tax deductions associated with a new mortgage should you move forward and finance a new home purchase.
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August 16 2009
"being a landlord is not my cup of tea"

I think you already know the answer to the question. If you haven't been a landlord in the past or don't have the stomach for it, I would sell. Being a landlord is tough work. Disposal doesn't work? It's 3am? Guess who they call.
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August 16 2009
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My home is paid for in full, no mortgage.  I don't currently rent it.  I am purchasing other property and selling my present two-family would pay for new home in full and I would continue living mortgage free.

However, renting out my two family could potentially pay for part of mortgage on new home and keeping it could be an asset I could tap into in future for college costs and could be a safety net if 401k takes another dive in 15-20 years when I retire.

But.....being a landlord is not my cup of tea.  Been there, done that and when it's good, great, but problems cause me anxiety.  Also, if selling two family paid for new  home in full, I can save money for college and pad retirement savings since I have no monthly mortage.

What do you think?    
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August 16 2009
There are too many variables and not enough information.  In order to get a better answer you should give more details:

Do you rent both units or live in one?
Do you cashflow on the property?
Are you concerned about qualifying for a new home purchase with this liability on your credit?
Do you have equity?
What are your motivations for selling/keeping the property?

Evalute the pros and cons and move forward from there. 
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August 16 2009
 
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