Is it time for me to get out?
Open to suggestions. I only have one rental property. My current situation:
Became accidental landlord in 2018. I no longer want to be a landlord so my options are to sell or get a PM.
Just spent $15k getting exterior of the house updated which wiped out most of my cash reserves. Tenant is moving out next month.
I'm expecting the interior to need an additional $10k to be updated and ready to go. ($6k ish will be replacing all the carpeted flooring with LVP, $4k for misc. and turnover)
Current Mortgage: $70k left, 10yrs left on 15 yr mortgage @ 3%. PITI just went up to $970. $500 goes to principal each month, which was my driver the past 2 years as it's getting paid down.
Current rent $1350. Estimated $1500-1700 after turnover per the PM I spoke to.
Estimated sale price $190k after updates (no current plans for leftover money if I sell).
The house doesn't really cash flow, basically breaks even. Purchased for $120k in 2010. I figure I'll have $50k+ left if I sell, after all associated fees and taxes. Part of me wants to let the PM take over knowing it will be paid off in 10yrs. I can't ever decide what to do with it. My W2 job is about $60k per year. I don't have a desire or passion enough for real estate to do the work involved in getting a team together or purchasing an OOS rental with the leftover money. A cash out refinance to buy a second property won't help this one cash flow at all with given rates.
Any strong incentive to lean to selling vs re-renting with a PM?
Thanks
Bill
Became accidental landlord in 2018. I no longer want to be a landlord so my options are to sell or get a PM.
Just spent $15k getting exterior of the house updated which wiped out most of my cash reserves. Tenant is moving out next month.
I'm expecting the interior to need an additional $10k to be updated and ready to go. ($6k ish will be replacing all the carpeted flooring with LVP, $4k for misc. and turnover)
Current Mortgage: $70k left, 10yrs left on 15 yr mortgage @ 3%. PITI just went up to $970. $500 goes to principal each month, which was my driver the past 2 years as it's getting paid down.
Current rent $1350. Estimated $1500-1700 after turnover per the PM I spoke to.
Estimated sale price $190k after updates (no current plans for leftover money if I sell).
The house doesn't really cash flow, basically breaks even. Purchased for $120k in 2010. I figure I'll have $50k+ left if I sell, after all associated fees and taxes. Part of me wants to let the PM take over knowing it will be paid off in 10yrs. I can't ever decide what to do with it. My W2 job is about $60k per year. I don't have a desire or passion enough for real estate to do the work involved in getting a team together or purchasing an OOS rental with the leftover money. A cash out refinance to buy a second property won't help this one cash flow at all with given rates.
Any strong incentive to lean to selling vs re-renting with a PM?
Thanks
Bill