Hello Board, would appreciate some input/insight.
I live in Central Virginia in a 12oo sq ft house, that I have beautifully remodeled over the past 3 years. I paid $112K for it, put $50k into it, have refinanced it for $20k cash-out, and am trying to figure out if I should sell it or rent it.
The house sits on 3 1/3 beautiful acres with mountain views, is 13 yrs. old, but basically new condition. Someone is begging to buy it for $210k, which would put $80k in my pocket. Having already put the $20k from cash-out refinance into a newer property, that would mean I get the $50k from remodeling back and a net profit of $50k ($30k cash plus $20K in a new property)
Considering the housing bubble…should I walk with the money now or hold onto the property,rent it out, hoping it at least holds it value for say another 5 years? The area I live in is nowhere near the size bubble as say Washington D.C, Boston, and Ca.
Oh yeah, I have a strong emotional attachment to this property, but am trying not to let that cloud my judgment.
Thanks,
Dan
Very simple, if it’s nice and you put all the work and money into it, sell it. If you rent and it get’s trashed than you will whish you sold it. Rule of thumb rent crap, sell pretty. Money in the bank is money in the bank.
SELL, SELL, SELL!!! It sounds like the rent you could get for that house wouldn’t cover your mortgage, so renting is probably not an option, anyway. Higher-end homes, like yours sounds, tend to be poor rental options because the market rent for houses isn’t high enough to cover the higher debt.
Even if it is, I say, take the money and run!
Good luck!
sell it and buy a suitable rental property that is less of a total price. That way you have cash in your pocket and a rental unit 
you didn’t mention if you live in the property or not.
if you do, don’t sell it.
if its a rental, SELL.
Well board…thanks for your input. Even though what i could rent the property for would cover the mortgage,i guess its too much of a gamble to expect to find rentors who will not trash the place. $80k in pocket with a profit net of $50k in 3 years isnt too bad for a now 2nd time home buyer. Never realized how attached one can become to land and a house until now, but since I no longer live there, i guess its time to move on…no pun intended.