We accidentally became landlords 10 years ago. We want to get into some additional properties and build our passive income / retirement. How do I figure out if it is better to stay in this property OR sell it and invest in something else using a 1031 exchange. What kind of deal would I need to find to justify refinancing and using equity for another deal.
Original purchase: Owner occupied 3 Bd 2.5 bath townhouse in 2003 for $148,000
Been rented since 2007, we manage the property ourselves.
Refi at some point to consolidate a HELOC @ 3.5% interest Current Balance is $126,000
Current Market value $290,000 - $300,000
Rents at $1500/ month, it is in a good area and I don't have problems keeping quality renters in it at that price.
Expenses - $200 / month (HOA and some utilities)
We see about $600 positive cash flow monthly.
With depreciation and home office expenses we "loose money" every year and that helps us out on our taxes.
We would like to keep it, but don't know how to get into another property or if it would be worth it. We aren't real estate people, and have other jobs so we would be looking for turnkey. What are my options here?
