I'm stressed and uncertain and need advice on if I should sell my rental or keep it.
[Added more details as requested from folks. In bold.]
Im feeling pretty stressed about my personal finances at the moment and could use some outside thoughts. I feel like I'm in grey area decision space but I also feel like there is a right answer. I just can't see it.
Situation:
Dual income household. Two adults three kiddos. Kids are 17, 15, and 8.
I make $120k, she makes $65k.
Total monthly expenses are about $9k while net income is about $10,500.
We have two houses. One we live in with $250k left on the mortgage at 6.76% and a rental in California that we lived in for 6 years until 2023. It has $143k left on its mortgage at 2.7%. Would sell for ~$235k or maybe more.
We have $25k loan at 15% and a car loan of $11k at 6%. She has credit card debt of $6k at 25%. I forgot about a school trip we are paying off for next year for one of the kids that is about $450 a month until next summer.
Our savings is sad. $10k in savings and another few thousand in various accounts.
I have VA disability payments of $1700/month. A retirement from the military that starts when I'm 60.
At the moment we have less than $1200 discretionary per month. Maybe more if we delete luxury items like Netflix. We should have a lot more but debt.
Oh yea... $80k student loans between the two of us.
My big question is about what to do??? Should we sell the rental? We live in Texas, it's in California. Should be able to sell it for about $235k.
Or hold onto it and do something else.
Thoughts please and thank you!!