Nope we don’t own it out right. We still have about 100k to go.

The average monthly payments are $950 a month, and from the local market we could rent it for about $1,300-1,400 a month.

In our area(Northern Virginia) the housing industry has been in a really big boom, and because of that we don’t know if we should sell while the price is high or keep on renting.

We did a list of the pros and cons, about 5 times now for short term and long term.

If we rent the townhouse out for one year, our bank tells us that they will give us the money we need for another IP as we will have the exp as landlords.

From looking at that we could take a lone from the house for 50k, and use it to invest into another house. But we don’t like the idea of rasing the price of the house just to get another one.

If we sell now, we would get about 100k that is tax free, because of deals on the house and our banking accounts, we would have to put 15k(bond or something, savings account) into the bank so that we don’t get charges to our saving, checking accounts for not meeting the minimum balance requirement for money marketing accounts. That would leave us with about 85k. 50k down on another townhouse would put it at a price that we could rent it out for, but then we have only sold one townhouse and paid for a new one, and are back to just owning two IP’s because I don’t see how we could get something with the other 35k.

So we are left with two things we could do and they look about the same. Due to our lack in exp we don’t know what will be the best option to keep on investing in a year or so.