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Updated about 8 years ago,

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1,888
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Jack B.
  • Rental Property Investor
  • Seattle, WA
1,045
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1,888
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To sell rental or not to sell

Jack B.
  • Rental Property Investor
  • Seattle, WA
Posted

Making about 6.8% cash on cash from rents after expenses. It's a 145K house and although the market is going up, it's small gains compared to my leveraged 500-700K leveraged houses. 

I've kept it to date as a fall back position since it's paid off. If I lose my job, I can move back into it and live cheaply, even with no car (if it's that bad), since everything is within walking distance. It's on a somewhat active road that I didn't care for, but not a big problem when you factor in how cheap I could live there and how convenient it is otherwise. Plus the busy road seems to keep other problems at bay.

It is about an hour away from where I live now though, and dealing with flakes (sometimes all the appointments flake, try to have a few at a time so as not to make it a wasted trip) is time consuming. 

I've considered selling it and either 10-31 exchanging into another paid off property with some money on top (for a nice place, not on an active road). I could also just sell it and pocket the cash waiting to reinvest elsewhere. Or I could buy a nice house in Tampa Florida paid in full with the money. I plan on relocating there though have not made a recent recon visit yet. Can do though...

The house needed a new roof within 5 years per inspector when I bought it. I just celebrated 6 years the other day. The quality of tenants leaves a bit to be desired. Lot's of losers despite being in a gentrifying/not that bad of an area (lot's of new houses and condos going up).

What say ye? Looking for different perspectives here.

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