Should I rent or sell?

[Casey Rumfelt]

So I have a property in Huntsville, AL that we lived in for a while and really enjoyed. The property is almost 7 years old, no issues, it's really a great house. We have had it rented for a year now and a new lease was signed for another year in May. The current tenants have indicated they want to move out at the end of the month but understand they are responsible for the rent and utilities but would like for us to find another renter...

Here are my questions.

1. Am I able to find another renter and still hold them accountable for the rent associated under the current contract? Basically double charge?

2. Or should I sell the property?

Details on the property: So I have a negative cash flow with this property because I (never intended to rent it) got a 15-year mortgage. The property actually brings in a fair amount of rent for the area. Property values have gone up recently and because the 15-year mortgage I'll have about 80K after all the fees are paid. I have no pressing reason to sell or to keep renting it, kind of neutral about the whole thing.

Both these options seem to lack creativity but figured I would post and get some other insight from everyone. 

Any thoughts or ideas would be greatly appreciated.

[Chris Sellers]

Casey,

I wouldn't try to get double rent.  Hold them accountable until you can rent it out or sell.  Works out best.

Rent vs Sell depends a lot on your goals.  If I'm negatively cash flowing and don't have a great plan for what I'm doing with the property, I'd probably sell. 

Good Luck,

Chris