Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago,

User Stats

70
Posts
31
Votes
Virginia Jones
  • Rental Property Investor
  • Pulaski, VA
31
Votes |
70
Posts

Sell Rental Property?

Virginia Jones
  • Rental Property Investor
  • Pulaski, VA
Posted

My husband and I have several rental properties. Some multi-family, and two single family homes. With the market how it is I am wondering if we should sell the single family homes? In the location they are in, homes are going above asking with multiple offers the same day.

Property 1:
Purchased in 2017 for $55,000 and put $5,000 of repairs into it. Currently rents for $860/mo. Recently the tax assessed value increased by 40%, from $87,000 to $125,000. I'm thinking it would sell for $130,000 or so. Loan is about $40,000 at 4.5% interest

Property 2:
Purchased in 2019 for $42,575 and put $5,000 of repairs into it. Currently rents for $825 but could probably get more. No loan on this property. Could probably sell for $110,000.

The first question asked might be "what will you do with the money?" My husband and I are looking for a farm to purchase and to move closer to my parents and build a house on said farm. In a perfect world, we would be able to do a 1031 exchange into the farm property but it seems almost impossible for the timing to work on this. I likely would not buy a different rental property with the profits because the market is so inflated currently. So I guess it's possible we could sit on the money until the real estate market crashed then buy something cheaply like we did with these.

Any thoughts? Or just keep going as is?

Loading replies...