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Should we???

August 18th, 2011 at 12:41 pm

We've been thinking of selling our rental property that is completely paid off. We paid $109K for it in 1998. I know the market is bad for sellers now but I think we can probably get a minimum of $200K (just maybe). I jotted down some numbers our yearly expenses on this property are $6200.00 but we collect ~$25K on rents for a total of $18,800 net yearly profit. We were thinking that with the proceeds of the sale we can pay of our primary residence off. Our mortgage is $1770.00 ($21,240.00 a year), which means that we would be ahead of the game by $2440 every year. Honestly, even though we really have not had as many problems with the rental property as others have, we're tired of it. What are your thoughts on this?

6 Responses to “Should we???”

  1. monkeymama Says:

    I say go for it. Quit while you are ahead. Big Grin

  2. Ima saver Says:

    I would say sell it also. I had rental properties and they were a nuisance.

  3. Petunia 100 Says:

    Rental properties are a great way to build wealth if you don't mind managing them. Personally, I hated being a landlord.

    Contact a local realtor and get a market analysis. Those are free with no obligation. Then make your decision.

  4. creditcardfree Says:

    Probably yes since you are tired of it. However, could you hire a property manager? Yes, they would take a cut, but you would still get most of that income flowing in.

    I would love to have a stream of income like that. Someday you would have primary house paid off and rental...think of the cash flow in that situation.

    Best wishes with your decision!

  5. NJDebbie Says:

    creditcardfree, I thought the same thing too!

  6. Ima saver Says:

    I had 3 rentals and they were a pain. My renters trashed the houses and I sold all 3 of them at a big loss after I moved to Georgia.

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