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Updated over 7 years ago on . Most recent reply
Right time to sell a rental property?
I have a rental property that I've owned for the past 14 years. I have a 15 yr note at 5.25% so the mortgage is almost up. I have $74,500 invested in the property and the adjoining acreage, I used $10,500 in cash as a down payment. $7,200 is what it makes a year in rent, minus $600 in taxes and $380 in insurance, so the rent money pretty much cancels out the mortgage. I have had long term tenants that are interested in buying the property from me. The value is $105,000 and they have offered $80,000 with no realtor or closing costs. The house will soon need some major repairs like windows, etc. Is this the right time to sell? Or should I stick some money into it, hire a realtor and try and sell or just keep it as it's almost paid for? Of course I would have to find a new renter. Thanks for any input!