Welcome to passive real estate investing, the show where busy people like you learn

how to build substantial passive income while creating wealth for the long term.

And now here's your host, Marco Santorelli.

Hello everyone and welcome back to another Now here's your host, Marco Santorelli.

Hello everyone and welcome back to another episode of Ask Marco,

where I answer your investing related questions.

Today's question comes from Steve and Steve is basically asking should I stay or should I go?

And for those of you old enough like I am, you'll remember that was a song by The Clash.

Anyway, it was an interesting band, but Steve writes in and he says,

Marco, we have spoken a few times on the phone and I have sincerely appreciated your time.

The geniusness that I feel when listening to the

podcast was ever present during our conversation and I appreciate the fact that you are sincerely trying to help others

achieve some of the success you have enjoyed.

Thank you Steve.

I have a question that I have been struggling with for some time and hoping for a little friendly advice.

Here's the situation.

My family and I live in a nice neighborhood on what is referred to as the North Shore of Chicago. Our home is average for the neighborhood and has a market value of around $400,000.

When we purchased eight years ago, we put down 20% and have been aggressively paying off the house after refinancing to a 15 year loan back in 2017 for 3.5%.

Our current loan balance is around $245,000. We would like to move, whether in or out of state, in the near future.

I have been contemplating refinancing my mortgage to a new 15 year because the rate has dropped

over 75 basis points. Then turning it into a rental and moving elsewhere. My conundrum is this.

Number one, should I even consider turning this home into a rental when the taxes, remember we're in Illinois, are around $12,000 a year for a 2,200 square foot home. Ouch.

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