Hello. New to the boards and hoping to get some financial advice.
I have a rental mortgage (and a renter) that has a higher balance than the house is worth and a home mortgage that has a higher balance than the home is worth. I make enough to comfortably cover payments on both every month as well as have a fair amount of money leftover every month (and am contributing already to retirement and kids college funds, etc.).
I lose a lot of money on my rental house every year and really want to just sell it but cannot do so in the current housing market without taking probably a 30K loss which I can't really do right now.
So what should I do with the extra money I have every month? Start paying down the rental mortgage so I can hopefully get rid of it sooner (but then I am kind of throwing away money just to break closer to even in a sale) or start paying down my home mortgage (100K higher than my rental mortgage) that I'll keep longer (and just hope the housing market turns around more fairly soon?
Or should I put extra money in a savings account so I CAN take the loss on a sale in the future?
I have a rental mortgage (and a renter) that has a higher balance than the house is worth and a home mortgage that has a higher balance than the home is worth. I make enough to comfortably cover payments on both every month as well as have a fair amount of money leftover every month (and am contributing already to retirement and kids college funds, etc.).
I lose a lot of money on my rental house every year and really want to just sell it but cannot do so in the current housing market without taking probably a 30K loss which I can't really do right now.
So what should I do with the extra money I have every month? Start paying down the rental mortgage so I can hopefully get rid of it sooner (but then I am kind of throwing away money just to break closer to even in a sale) or start paying down my home mortgage (100K higher than my rental mortgage) that I'll keep longer (and just hope the housing market turns around more fairly soon?
Or should I put extra money in a savings account so I CAN take the loss on a sale in the future?