Reply to spinoff: Dave Ramsey and second houses

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]When did you buy...and how long would it take to get back to where you bought it (obviously this is somewhat conjecture).  At a minimum I would not sell until the summer when prices are higher.[/quote]

Oops, sorry, you kind of addressed the first question...though it matters a little bit as to whether it was near or at the top of the bubble.  Since you have enough equity to do so, I'm wondering if you might not be better off re-financing at a hopefully low rate and paying off whatever you can of your loans.  Do the tax savings due to interest deduction etc make it a break even investment for you right now?[/quote]

PP again.  Your highest priority should be getting rid of your CC debt, and exchanging it for a lower interest debt is one way to do that.  I don't know the East Silver Spring market well enough to know the likelihood of your always being able to rent it and risks to its appreciation etc. I'm also not a fan of having a lot of debt on depreciating assets like a car, but you may have been able to get a low interest rate on it.

I strongly suspect you're in a grey area where the trade-off between selling and hanging on to the property isn't much.  The biggest question is whether you'd feel a psychological unburdening if you got rid of your debt...that may be worth a lot to you.[/quote]

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