u/Cherithcutestory4u

Reddit
Planning a move from Wisconsin to New Mexico. Trying to decide what the best option is for our current home in Wisconsin. Valued at about 400,000, still owe 120,000. Exploring whether we should sell and use that money to buy a home in New Mexico or keep it and AirBnB. The home prices we are looking for are between 350 and 500,000 for our new home. Not sure what the best long-term investment would be. We’ve already been working with a property manager that would take care of our AirBnB if we went that route. He mentioned after doing an AirDNA, that we would most likely have no problem covering of our mortgage and expenses so essentially breaking even or getting a little bit more as an Airbnb investment property. Which is good news, but I’m not sure worth the stress of thinking about it. That being said, it’s hard to give up property. We purchased it for 160 and now it’s worth 400 so it’s been an incredible price increase. Any advice on going that route? Would it pay more dividends long-term? Or, using the 250,000 we would get from selling the home and putting it towards a new place. We have put aside about 90,000 which we could also use towards the new home loan. Thus being able to pay it off quicker with less of a loan and once that is finished putting that money away for retirement. Would that be a better long-term investment for us? Has anybody else had a similar situation, and what did you do? And how did it turn out? Thank you ahead of time for your advice, really appreciate it!