Hi folks, I am new to this forum. I have enjoyed the conversation on this forum. I am currently faced with the age old dilemma (rent out vs sell in Santa Clara county). Here are some details :
Current annual household income : 300K
House 1 in average school district: bought in 2009 for 700K, still living in it, present value 1.2M, outstanding loan 600K, 5/1 ARM until May 2021, 2.75%, Monthly PITI = $3500, Projected rental monthly income = $3500
House 2 in good school district – bought in 2017 for 1.95M, plan to move in August 2017, loan 1.35M, 5/1 ARM until March 2022, 3.25%, Monthly PITI = $8400
Cash on hand: 200K
Stocks : 100K
Both are Single Family homes in Santa Clara county
Question : What do you recommend I do with house #1 ? If the response is to sell, what do you recommend I do with the profit? Thanks in advance.