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Updated almost 4 years ago,
Benjamin AakerPoster
Professional Services
Pro Member
- Rental Property Investor
- Brandon, SD
- 1,020
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Should I sell my rental house and kick out long-term tenants?
Hi BP Team!
I have a 3 bed 2 bath SFR and have rented to tenants for the past 2.5 years. They rarely have repair requests, and only for important things that I want my tenants to inform me about (water in the basement). They always pay the rent on time. The mortgage is set up to pay down quickly and just have a profit. We raise the rent ~$25 annually but these tenants have refused to re-lease, so they are on month-to-month.
I'm all-in $150k into the place and purchased it for $135k and have $95K remaining in principal. It would sell right now conservatively for $220k. The place is comfortably paying down its mortgage but a big repair would mean an out of pocket expense, which I can pay, but not happily. I am all-in in multifamily and have a few SFRs, such as this one, from former days and am looking to get out of the SFR business.
The tenants are not interested in buying the property from me. Should I sell the property?
I have a 3 bed 2 bath SFR and have rented to tenants for the past 2.5 years. They rarely have repair requests, and only for important things that I want my tenants to inform me about (water in the basement). They always pay the rent on time. The mortgage is set up to pay down quickly and just have a profit. We raise the rent ~$25 annually but these tenants have refused to re-lease, so they are on month-to-month.
I'm all-in $150k into the place and purchased it for $135k and have $95K remaining in principal. It would sell right now conservatively for $220k. The place is comfortably paying down its mortgage but a big repair would mean an out of pocket expense, which I can pay, but not happily. I am all-in in multifamily and have a few SFRs, such as this one, from former days and am looking to get out of the SFR business.
The tenants are not interested in buying the property from me. Should I sell the property?