Sell or Rent

[Dario Delkic]

Hello All,

In a bit of a dilemma:

I am moving out of a state and currently own 2 properties in NY. The one I am currently living in, and planned on renting out, is a 5 bedroom/2.5 bath/ single family house, that I planned on renting out for 2k/month. My profit would be around $375-$400/month once everything is paid for. 

A realtor friend of mine sent his friend over to look at the property since he was looking at a home and the guy made me an offer on the spot to purchase the unit instead of renting it out to him. The market is pretty hot right now in our area and the offer is around 215k. Our mutual friend would also mediate the deal and I would not have to spend any money on sellers fees, etc. Bottom line is that I would be making around 65k on the deal. 

I bought the house 6 years ago (5.25 interest rate. yikes!) and lived in it paying $500/month in rent because I had 2 close friends live with me until they moved out recently. With that said, I've only had to buy a new furnace and got the house repainted. 

I also have a property manager in place who only charges per visit instead of the monthly fees that most companies charge. My dilemma is if i should rent or sell. 65k is a nice chunk of change that I can use for other real estate ventures but this house has been great so far as well.