Should I sell my paid off renovated rental house or refinance ,1031 or rent again.

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Should I sell my paid off  renovated rental house or refinance ,1031 or rent again.

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I am 62 and have a mix of multi family and sfr’s. Like you I also want to keep decent income but don’t want to handle the day to day issues. I am working on getting my daughter and her husband to handle the duplexes (six on the same street) and my will manage the sfr’s. Most all of our properties have 1031’s. We also plan to pass the properties do our children. all that said I am retired and wife will be soon. We have enough to enjoy our time together and travel several times a year I think you are going to do just fine. If you decide to go to apartments will your children still manage for you?I wish you the best in whatever you decide.

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@Ed WaggonerBest wishes on your plans to move forward into apts. We have been using Dave Foster's book on Lifetime Real Estate Wealth to better our position regarding investing in Real Estate.We connected with Dave about 6 years ago. Through his mentoring and answering a ton of questions we went from a small SFR to multiple duplexes, trailers, and SFRs. Our portfolio has literally doubled every year since!

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Thanks Dave,I appreciate your thoughts.My son and I are going over best case options. Apartment buildings seem like the right option moving forward. We are looking into it.Thanks again and stay well.Eddie

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Hello Joshua, Thanks for your advice. I'm leaning towards 1031"s and purchasing apartment buildings that my sons property management company will manage.It just seems like the best approach. Stay well and thanks again.

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Hello Alex,My thoughts are i'm only able to get $2,200 to $2,500 monthly rent on a $400,000 house that will have the 27.5 years depreciation in 2024. After paying property tax, H/O insurance and maintenance I don't feel the return is that great. If I 1031 the property and put the $378,000 (-5.5% for real estate sales fee) as a down payment on a $1,500.000 apartment building that can give me at least a $2,200 return, I would still get the same income but have a larger worth in the future.Another thought is I can also park a few houses at once every year in the Starker delay 1031 and put more money down on an apartment building to get a decent return to live off of. I really don't want to sell everything and put it in a conservative stock market like an S&P Vanguard VOO because I can't grow wealth as fast.I think i'm becoming stagnant with not doing anything with all the equity I have. Another thought is to refinance the properties and buy more single family homes. I feel like i'm sitting at the stop sign too long, not knowing if i should go left, right or straight.Which direction would you go? Thanks in advance

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Thanks Dave, Yes consolidating a few homes to sell using the 1031 plan was another thought I had. Thank you for your reply. It's much appreciated.

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Thanks Dave, Yes consolidating a few homes to sell using the 1031 plan was another thought I had. Thank you for your reply. It's much appreciated.

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@Ed Waggoner, This could be a key discussion point for you and your son. He will manage the real estate. And I imagine he will inherit the real estate. What would he like to manage and one day inherit?This is where the 1031 option will really shine for you. You'll be able to into better cash flow with motivated management in place who will one day inherit and all of the deferred tax will be wiped out in the stepped up basis.

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Sounds like a 1031 will be your best investment option.

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You have a very impressive portfolio and being all paid off that is awesome! my 2 cents is I would sell/1031 the house that are about to hit the 27.5 year mark and put them into an apartment building, depending on how much you want to be involved on learning that side if you don't know it already or stick to what you know and purchase multiple SFH. At least then you can start the clock over for depreciation and bonus depreciate if you do a study on them. I just feel if you are planning to pass it down to your kids that the apartment building will have more value down the road through appreciation, and it sounds your son has no issues managing it either. If you need help selling any or are open to just chat I would love to help or have a sit down and talk strategy to find the best coarse of action. I feel you know the right path for yourself and family anyways just sometimes its nice to chat with someone to talk yourself through it.If this post is old enough that you made a decision already I would be curious of what you chose and how its going for you. Hope all is well