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Updated about 2 years ago on . Most recent reply

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Bill Ward
300
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240
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Can't decide to sell or keep

Bill Ward
Posted

I'm constantly flip flopping so maybe it doesn't matter which way I go, I'm leaning toward selling my one rental that used to be my primary. Tenant moves out this week and I'll remodel and replace flooring inside, expecting $10k to prep it for sale.
Purchase price was $123k in 2010.

Estimated sale price: $190k
Mortgage: $70k left for 9 years.
PITI is $970,
Rent expected to be $1500 for next tenant.

 I don't want to be a landlord anymore so it's either use a PM or sell. No immediate plans for the money after selling. If I find a house to move to I would buy that and rent out my current home. The house has been basically breaking even, tax advantages are minimal. I feel like keeping it is just waiting for something expensive to happen in the future. I'd rather be more passive. I made great appreciation the 4 years I've rented it, and loan paydown went from $98k to $70k since 2018.

I want to keep it only because houses are so expensive I feel like I won't ever have another, and I have 2 now. But I want to sell because I don't want a headache tenant in the future or major expenses.


 Push me

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Theresa Harris
#2 Managing Your Property Contributor
11,236
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Theresa Harris
#2 Managing Your Property Contributor
Replied

From the sounds of it, I'd sell it. If it breaks even and you don't want to be a landlord anymore, getting a PM will only increase your costs.  Now should be a good time in some of the markets as sales start to pick up in the spring.

  • Theresa Harris
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