tenants leaving; sell? hold? Airbnb? Milwaukee

[Kelly G.]

Greetings BP

I have a SFH in Mke and my current tenants just gave me their 30 day. I am looking for general advice; just looking for things to consider. Here's the scoop:

The house has been a rental for @ 6 years with decent income; clearing @ $6k + annually; no mortgage; current market value @ $160k

I have probably broken even at this point with initial cost and all (many many) upgrades;  have no idea what the tax situation will be if I sell; would not be able to use 2 year personal residence - no cap gains rule.  

I'm kinda tired of managing it and have had lousy luck w/ property managers; . .  I live in CO - so have never been there to manage myself - only long distance

How's the airbnb - short term rental market in MKE?  I have no idea, but this seems like a possible option;  I'd hire my sister to do the short term mngt; cleaning; renting etc - Much to investigate here - maybe even for just a few months while I deal w/ my chaotic life (fix/flip) here in CO.  This is just NOT a good time to have a vacancy on my MKE house!

How would I go about figuring out tax implications of selling?  know a good accountant? (tee hee .. ;-)))))  )

Thanks for your thoughts - and Please - Do Not start contacting me about buying the place - thanks!

Kelly

[Kelly G.]

thanks for all the help.   

It occurred to me after I wrote the first post that my comment about not contacting me was a bit snarky.  My apologies - that was not my intent.  

I agree that I am probably losing money.  I should have taken a mortgage on the property years ago and re-invested.  But that may not have been possible either as I have not had a steady income for longer than I have owned the property - so . . . thinking while I'm typing, that's probably why I didn't get a mortgage.  

@Eileen Murray - I'm pretty sure this is what @Thomas S. is referring to:  w/o a mortgage I have @$160k in equity in the house.  If I sold and pocketed say . . $145k (just a number) after selling expenses, I could probably/possibly make more money in the stock market, or in purchasing other real estate and renting/flipping than the paltry $6-8k I am making (after expenses) in rent.   Right Tom?

It is true - I am tired of the hassle in renting this house.  I have never managed to hold a tenant longer than about 15 months; that's alot of turnover.  I have no idea why:  it's a nice house in a good neighborhood at decent rent.  I think I mostly just got lousy tenants/bad management.  I only took over management last year.  The current tenants seem disgruntled that I expect them to adhere to the rental agreement (we've had a couple minor issues).  

Anyway - I appreciate your time and comments

Good luck in your endeavors

Kelly