Sell or rent? Seeking input

[Daniel Dylan]

Hi all - I’m at a bit of a loss for what to do next with my real estate investments. What would you do? Would greatly appreciate any input  

Background: 30YO Seattle area with good w2 income. For personal reasons, I need to move into a rental soon in a different but nearby location to my properties. I’m struggling with the decision of if/what I should sell or rent.

Property 1: 2nd/2bth Condo in Bellevue WA. Renovated in 2016, Easy to find tenants (near Microsoft). Rents for $2,800, total cost is around $2,400. Approx $200k equity. Mortgage has $270k at 4.125%. 

Property 2: 4bd/3bth Home in Bellevue WA (nice property, lake view, renovated in 2019). TBD on ease of finding tenants. Rents $3900-4300 (I think), total cost to me is $4500 (not incl maintenance). Approx $600-650k equity. Mortgage has $710k at 3.3%. 

 My inclination is to continue renting both out and reevaluate selling the home in a few 1-3 years. It seems like the equity may be better suited in another investment (syndication, bond, stocks) than a property without negative cash flow. On the flip side, the equity growth on east side seems likely. What do you all think?

 

[Sherief Elbassuoni]

@Daniel Dylan, Bellevue has been appreciating a lot the past years. The appreciation trend is expected to keep going in future years becuase of high demand, good schools, and Tech buyers.

I will keep the properties for now as rentals and do same equite calculations in 1-3 years