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?
August 18th, 2011 at 12:41 pm