Hi Everyone,
I've been an ‘accidental landlord' for 8 years (rented out my townhouse condo when I found my current primary SFH and have had long term tenants. They have had rent increases, but not keeping up with the market, and combined with the large increases in HOA fees and property taxes, I'm cash flow neutral. The good news is that the property has appreciated substantially over the last few years and I also have a 70% equity position in it.
My tenants just informed me that they will likely be moving into their own home in 6-9 months. At that point, my thought is to sell and 1031 the cash into one or more SFHs. It’s likely not going to be local, because MA prices are insane right now. For background, I have a stable W-2 job and am able to put aside 30-40% in savings/investments, which will only go towards retirement in a couple of years. I would love to expand and diversify my portfolio with additional doors.
Any advice would be most appreciated.
