Christina Hayes, Credit Repair Expert (Everlasting Credit Repair)

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Rainmaker
5,580,884
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I don't think anyone is able to give you advice without knowing the marketplace and the state of activity there....

Feb 06, 2017 07:48 AM
Ambassador
3,983,359
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

It sounds like you might be addicted to the process. Can you afford all three and #4???

Feb 06, 2017 07:41 AM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not enough information to make a statement but if you do rent it it would be for neutral or positive cash flow with the belief that your market appreciation is enough to hold it but also become familiar with the tax situation for being in a onwer-occupant homes less than two out of the last five years.

Feb 06, 2017 08:53 AM
Rainmaker
945,526
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Eaten by the monster of real estate!  3:)

The best advice you could get is to contact your CPA/tax person/financial advisor. There are so many variables, really there are.
Including, but not limited to:
What's going on in your market?
Will renting the home offset any lack of equity?
Will taxes/expenses slurp down profits?
Total cost of capital?
Can you carry a note, if you own free and clear?
And on and on and onnnnnnnnnn . . .

Feb 06, 2017 09:45 AM
Rainmaker
915,778
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Rates will certainly rise.

Here in the Tampa Bay area, house prices rose 14%.

However, only you have the details to know if this makes economic sense.

As an INVESTOR, you MUST let the numbers dictate your action. When you start chasing feelings you will eventually  find yourself in a heap of trouble.

Feb 06, 2017 07:48 AM
Rainmaker
4,490,326
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Every home I've ever purchased was my "forever" home. Then, by the time we lived in Charlotte 8 years I was living in my third home! But I always sold each home before closing on the next one.

Feb 06, 2017 07:52 AM
Rainmaker
4,567,039
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Sounds like you should rent it out for a few years so you can exit with all your equity after costs!

Feb 06, 2017 07:42 AM
Rainmaker
1,430,221
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

My personal view is I'm in my forever home.  I've bought three since then as rentals.  I focus on buying and building that aspect of my life.

Feb 06, 2017 09:41 AM
Rainmaker
5,767,466
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Christina,

I agree with Barbara Todaro .  And I would talk to your financial advisors.  A

Feb 06, 2017 08:42 AM
Ambassador
1,900,417
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Not having inside knowledge of the market, it is difficult to make a meaningful recommendation.  However, my initial thought is, if you have the financial means to afford it (and you indicate you do) hold on to the home.  The renters will be paying the mortgage, while your equity builds. If you can, hold on to as many of your rentals as long as you can.  It is great retirement income.   All that said, I'd recommend speaking to your financial advisor and/or tax attorney.  

Also, speak to a lender.  Since you currently hold an owner/occupied loan, it may affect the kind of loan you can get on the next home if you don't sell the one you are currently in.  

Feb 06, 2017 08:22 AM
Rainmaker
4,263,679
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

This may be a more appropriate question for Judge Judy or a marriage counselor.  Seriously, this is something you and your husband need to discuss.  We can give opinions quite easily.  You will need to live with your decision.   Good luck.  

Feb 06, 2017 07:48 AM
Rainmaker
1,183,850
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Christina Hayes 

My re team mate bought 4 rentals in Silicon Valley during the Great Recession. She decided to become a slumlord and got a RE license on 4th rental purchase. Our area (Silicon Valley) it means 1.5-3X price increase (from 2009 to today). Today she is still renting! I have advised her to sell or move back to their own home. A better investment is to trade rentals for multi-family for income after retirement.

A home that has just breakeven after steep home appreciation era does not like something I like to hold on. I will go to better neighborhood and hoping to stay there longer.   

My team member is looking for her #5 rental.....

 

Feb 06, 2017 09:35 AM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Christina Hayes Sounds like you haven't found that forever home yet. If you can afford it why not? Go for it!

Feb 06, 2017 09:25 AM
Rainer
352,876
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

Only you and your family can make this decision based on your market, your personal financial situation and many other factors that I am reading into this.  Remember your job as a real estate professional is to guide others to make the right choice for their needs.  That guidance should be turned around into what you would do as a real estate professional and use it as your own guide.  Maybe a CPA, Mortgage Professional, your Broker or your family might be a better place to start this conversation.  There are way too many variables on this one.  

Feb 06, 2017 09:15 AM
Rainmaker
292,585
Jack Lewitz
Exit Strategy Realty - Evanston, IL

You can only live in one house and occupy one room at a time . If they are rented and tenants continue to pay rent that's a good sign but if the tenants stop paying or move out in the middle of the night are you prepared to deal with the expenses and management . The rule use to be hold onto 2 years but I'm not sure if you nee to if there are no capital gains.

Feb 06, 2017 08:03 AM
Rainmaker
5,323,059
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

You must love to move.  Do you unpack?    

Feb 09, 2017 03:49 PM
Rainmaker
4,333,471
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I would wait 2 years then buy

 

Feb 07, 2017 12:03 PM
Rainmaker
945,423
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I'm not able to advise you as there is so much information missing - in the end it's up to you however, watch the rates and if you can get finanacing I would consider keeping the house, renting it out and getting the next

That way you're building for your retirement with lots of options should something happen

Feb 07, 2017 11:51 AM
Rainmaker
7,033,883
Roy Kelley
Retired - Gaithersburg, MD

If you want to move and need a mortgage, take advantage of the current very low mortgage interest rates.

Feb 07, 2017 07:35 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I can't even begin to give you advice on this one.  You should way all the pros and cons and make the best decision for your circumstances.

Feb 07, 2017 07:06 AM
Rainmaker
3,070,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

You are suffering from homepurchasitis!

Feb 07, 2017 05:01 AM
Rainmaker
3,384,339
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

If you have the ability to purchase another, then sell this one and move on. Be happy and make sure the next one is 100% it.

Feb 07, 2017 04:53 AM
Ambassador
4,316,215
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Christina Hayes - two word answer: It depends.

Feb 06, 2017 09:33 PM
Ambassador
4,552,650
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Whether or not it makes financial sense would be my #1 consideration. The lower interest rates and rising prices are 'temptations' but, the bottom line, well, IS, the bottom line!  You'll have to let us know what you decide Christina Hayes!

Feb 06, 2017 08:52 PM
Rainmaker
598,824
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

If it is financially feasible, hold onto it. You may only break even now but rent rates will rise and you'll start cash flowing. HOWEVER...I would only advise this if you are financially sound, have a reserve, and the market supports it. It does sound risky to someone of questionable skills.

Feb 06, 2017 08:51 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Not enough info for good advice, I think you need some sound financial advice

Feb 06, 2017 08:45 PM
Rainer
97,766
Carol Wilson
Your $imple Home - Toronto, ON

You haven't said why your new home is now unsatisfactory.  I'm not trying to dig into your personal life, but it is important that you are very clear why it was supposed to last and why it isn't.  If you have reasons like, 'the kitchen isn't right', then I don't buy it.  You are a very experienced home buyer and this was supposed to be a dream home.  Look deeper than the house, Christina.  If you are the one wanting to move, look very deep at what keeps you moving on.  Address this first, and then re-assess with all the others' advice on taxes, rentals, etc.  First get to the bottom: are you moving away from or toward...what...and why?

Feb 06, 2017 08:19 PM
Rainmaker
695,297
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Buy an investment property that you will eventually move into.

Feb 06, 2017 08:07 PM
Ambassador
3,987,010
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Would you get a good return on it if you kept it as a rental? I would do that in lieu of not getting your money back since you have owned it such a short time.

Feb 06, 2017 06:20 PM
Rainmaker
1,357,492
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Barbara Todaro answered this best. I can add that you need 2 years in the home to get your Capital Gains Tax Shelter too. Why so soon, do you want to move?

Feb 06, 2017 05:28 PM
Rainer
353,462
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

If the location of the property is in the upper 10% of all US cities - hold and rent. Why do you no longer like the house? If the reason is something that cannot be fixed, sell. Do you both have jobs in this location?

Feb 06, 2017 04:47 PM
Ambassador
2,608,498
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

    If it would make a good rental property, keep it.

Feb 06, 2017 04:28 PM
Rainmaker
4,385,932
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

I'm with Barbara Todaro on this one....plus you need to talk to your financial adviser..so many unknowns for us to speculate.

Feb 06, 2017 04:00 PM
Ambassador
1,616,454
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

keep going

Feb 06, 2017 03:45 PM
Rainmaker
1,558,335
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I agree with Barbara. 

Look at the number and decide what it the best strategy in your situation. Maybe it has more sense to sell of of other two houses. 

Feb 06, 2017 03:32 PM
Ambassador
3,158,154
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I am with Corinne Guest, Managing Broker on this. Only you know your finances and your local market. 

Feb 06, 2017 03:28 PM
Rainmaker
870,648
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

I can't and wouldn't advise you since I know nothing about you, your husband, your financial situation, you location, your current and previous market, etc.

Feb 06, 2017 03:09 PM
Ambassador
5,752,679
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Depends on your market and the deals you find, I think that much of the nation is near the top of the curve right now.

I would wait a bit, save your pennies, the bubble will burst and it will be good to have some cash for down payments.

Feb 06, 2017 03:00 PM
Rainmaker
508,854
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Why would you like to sell? I would suggest that you talk to a local realtor and find out the current market trend. Here in Dallas you will not be making any money in that short period of time. In Northern CA, maybe. I was there during the real estate market boom and saw everytime a house sold in a subdvision the next similar one was listed at $10k above or more.  I don't know whether it's the case again there.  

You may want to verify past performance of the homes sold and leased in your area before determining to sell or lease your home. Discuss with your realtor! Good luck!

Feb 06, 2017 01:54 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You should decide.

Feb 06, 2017 01:22 PM
Rainmaker
608,970
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I suggest talking with your accountant on the best strategy for you.

Feb 06, 2017 12:51 PM
Rainmaker
808,903
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Curious, why do you want to move again if you bought it thinking it was your forever home?

Feb 06, 2017 12:03 PM
Ambassador
1,014,368
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

 Hi Christina, if you're at least breaking even and don't mind the process of moving and going through the paperwork, I'd think you have nothing to lose.

 

I'd strongly consider what made you change your mind between home #3 being the 'forever home' and now wanting something new so soon though to avoid it happening again.

 

As for rates, they'll continue to rise and continue to fall --- over the next few years I'm guessing there will be an opportunity to both lock in low rates (like we have today) but there may also be another opportunity since the market looks pretty good for price reductions in the not so distant future.

Feb 06, 2017 11:35 AM
Rainmaker
1,672,115
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

You should meet with your trusted financial/tax advisor.

Feb 06, 2017 11:14 AM
Rainmaker
2,054,599
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It doesn't sound like a financial decision ?

Feb 06, 2017 10:55 AM
Rainmaker
146,758
Julie Larson Realtor® Sarasota FL 941-284-9826
White Sands Realty Group FL | 941-284-9826 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

Christina Hayes, if you do decide to rent it out, when you are ready to sell it, you can probably do a 1031 exchange to defer paying taxes on your gains since you haven't lived there for 2 out of 5 years.

Feb 06, 2017 10:13 AM