Should I be selling my "PIGGIES" since the market is so HOT???

[Jim C.]

Is the market so hot now, that I should be selling some of my "Pigs"??

Example:

• 0k is owed on the home (Paid $26k cash in 2009)
• Mortgage: $0 
• Recent appraisal: $92k
  • Comps for the area are between $90-$120k
  • Taxes: $1365
  • Insurance: $600
• Rental comps: $800-$825
• Purchased in 2009: $26k Cash
• Will be needing a new furnace.
• This is a 2 Bedroom House in a "B" area- 2 bedroom houses seem more difficult to rent in my area. Last tenant was there for 8 years! Has been listed for rent for 45 days with 3 applications, but all rejected due to credit/evictions. I'm getting tired of having open houses only to have deadbeats show up (or not at all, had 20 confirmations, only 2-3 actually show up)
• If I apply the 2% rule to the 92k appraisal, I should be getting $1840 a month, at 1% rule,I should be getting $920, but it seems market will only accept around $800.

Any input would be greatly appreciated!

Thanks!!!

[Chris Youssi]

My # 1 CY Proverb ez to type sometimes hard to live by: "You can never lose money by taking a profit!" I have been reading on here that Indiana is a strong rental market with good values and excellent rental rates. I believe you already answered your own ? by stating you are tired of open house etc... trying to rent your home. Sell it and buy/2/3 more and make similar cash flow or higher , yet get appreciation on 3 props vs 1.

Best wishes