All Forum Posts by: Pat Eliason

Thanks Greg-- decision was made in the last year not to go back and waiting for lease to end.  Not happy to take the loss but falling into a sunk cost area now (money spent for that house was a long time ago and it would take way too long for the market to rebound).  You confirmed my gut feel but wanted to see if anyone saw the numbers differently or if I was missing something.

Appreciate the response Ethan-- I am leaning towards selling and re-investing that and other capital in some B/C level properties in Jacksonville area.  Biggest piece for me is getting rid of all that debt-- will make financing much easier for next properties.

Looking for advice on a property we own in Virginia. I am a Naval Officer and we purchased in Chesapeake, VA in 2007 for $417,000. We moved from there in 2012, thought we'd be back (plans changed- we are not going back), property values went down so we have been renting it our for $2200/month for the last 5 years. After property manager fees we receive $2024/month and the mortgage is $1748/month. With normal maintenance I am about breaking even on an annual basis.

The current lease is up in June and the house will likely sell in the $350-360k range-- in June I will owe about $308k on the place.

I'd like to be done with the headache and move onto more investment properties in the Jacksonville, FL area.  I realize I will not see much cash out of that deal but would like to lose the headache.  

My question- does it make sense to sell or continue renting?  We have rented it out for 5 years, had 3 different tenants and not a single day of vacancy.  Military families have been great to the place.

Thanks in advance.