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re: Sell the rental?
Posted on 12/1/16 at 8:10 pm to contactmo
Posted on 12/1/16 at 8:10 pm to contactmo
Lots of real estate guys on this site who can give good advice. From my perspective I would sell. I assume the townhouse is worth around 135k now. So you have 85k in cash tied up in an investment that makes about 6k a year. Subtract maintainence, taxes, insurance, vacancy and it's less. Appreciation in value and tax advantages help some but your still under performing the market long term. And the stock market doesn't call at midnight when the toilet backs up.
2
Posted on 12/1/16 at 8:40 pm to nogoodjr
The general rule of thumb is 1% of purchase price per month for rent, if you can't do that then its not worth having. Given that, its all up to you at this point as you already own it. If the Juice is worth the squeeze to you, don't worry about the numbers.
If it was me, I'd sell it if you could get 85k out and buy something else with cash using the rule above. Profit.
You can generally sell an investment property and use the profit for a new investment property with little to no taxes.
If it was me, I'd sell it if you could get 85k out and buy something else with cash using the rule above. Profit.
You can generally sell an investment property and use the profit for a new investment property with little to no taxes.
Posted on 12/1/16 at 10:00 pm to nogoodjr
The value dropped in the first couple of years but appears to be more stable now. I'd value it at 105k based on similar units. I've had to spend maybe $100 total in maintenance in the past year on it. Most of the maintenance issues that come up I can take care of myself.
200/month for taxes and insurance is a figure I failed to include.
200/month for taxes and insurance is a figure I failed to include.
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