What should I do with my property?

[Dennis Guinto]

Good morning,

Hope all is well! I’m reaching out to you you guys hoping to get some advice maybe guidance on what to do with my property.

Background: I bought a house in WA state in feb 2017. I lived in that property for two years and rented it out since feb 2019. I still owe about $205,000.00. Upon talking to a friend and real estate broker, the property is valued at about $350,000.00. I am active duty military and currently live in Arizona. I am considering selling the property but I’m still open to any suggestions. I make about $150 monthly cash flow. I have a property manager who takes care of the property since I live in a different state. I prefer keeping a property manager since I frequently have to attend schools for long periods of time and I’m subject to go overseas too.

My question is what should I do with the property? Sell it? Continue renting it out with the help of the property manager? Get rid of the property manager and manage it myself?

Any advice or guidance will be appreciated.

[David M.]

@Dennis Guinto

It really does depend on your goals...

Otherwise, selling it is definitely a good option --- buy low, sell high.  Take the capital gains tax free.  While you may not have something to do with your cash in the meantime, that's okay.  You can use it for another purchase/investment in the future when the market cools down.  Or, you can have a nest egg for your piece of mine.

Also, I am assuming there is a good deal of capital gains.  You posted your remaining debt, but not the purchase price / cost basis.