{ "media_type": "text", "post_content": "300k/yr combined income (before tax, assuming no bonus), 900k debt in two properties (the main one 620k, rental property $280k). 16 months of reserving fund in case we both lose jobs and no one rents the rental property. Worried about the economy downturn, debating whether to sell the rental properties. Thanks for the advice.", "post_id": "5ef6ae6f311885001afbc1f2", "reply_count": 18, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

300k/yr combined income (before tax, assuming no bonus), 900k debt in two properties (the main one 620k, rental property $280k). 16 months of reserving fund in case we both lose jobs and no one rents the rental property. Worried about the economy downturn, debating whether to sell the rental properties. Thanks for the advice.

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You seem fine to me, probably over cautious tbh

likefunny

Will you stand to make a profit? What’s the monthly mortgage amount? If you take a loss, what’s the tax reduction benefit?

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So you’d walk away with...145K after closing and realtor fees? IDK? Does getting your down payment back + making that profit feel safer to you? Will you lose any tax benefit? Because at 300K income, if you can write of a loss on the house, that’s probably worth some $ just on cutting down your 32-36% burden

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For the rental property, we are writing of 10k/yr of depreciation in the house. Currently it is breaking even. We don’t expect to make a lot of money out of it, but certainly worries about two things: 1. The value of the house tanks. 2. Too much debt in our shoulder, especially given the current situation. The rental property is in south Scottsdale.

likesmart

are you considering the portion of the mortgage that is going against principal an expense? This is a non expense cash flow

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People like this should be let go instead of some consultants and seniors

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May I ask why? Thanks

Any equity in the rental? Is it showing profit or loss each year? Set up as an LLC?

Doesn’t matter if set up as LLC for tax purposes if DRE anyways.

Btw, the rental property was purchased at 380k, now valued at 450k by Redfin. The current lease ends in 6 months.

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