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Updated over 9 years ago on . Most recent reply

User Stats

104
Posts
27
Votes
Joe G.
  • Rental Property Investor
  • San Angelo, TX
27
Votes |
104
Posts

absentee landlord: Keep Renting or Sale

Joe G.
  • Rental Property Investor
  • San Angelo, TX
Posted

I am trying to decide if I should keep renting a home or if I should sell it and invest the equity.Below are basic facts and then concerns I have.

3 Bed 2 bath rancher with one car garage

Fenced in backyard

Build in 1997

Located near military installation (minor reduction affecting the local installation ~5%)

Cash flows ~$120 monthly after PM fees

Est value at $103,900

Mortgage at ~$75,000

HVAC replaced four years ago

Roof original to home

I am an absentee landlord

Vacancy rate, < 5% over past 7 years

Concerns:

Maintenance, roofing, paint, rugs, appliances, etc are eating my budget.Recent $1800 whole interior painting, exterior roof leaks, and wood rot pending.I know the roof will need to be replaced with 5-7 years.

Well, maintenance is my only real concern as it is eating my budget.I am thinking of taking the money and paying into other homes I have to provide better cash flow (I have a second mortgage on one home I could almost pay off with the cash) or just save the money for another purchase/repairs.I have three other homes.

I am open to all thoughts and questions.

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