San Jose area - Sell or keep rental property?

[Albert Ng]

Put my house up for rent, and have so far 5 potential tenants telling me that their landlord is taking the house back to sale. Am I missing something? Is it a good idea to sell now for a nice capital gain?

The house's current market price is $680K, and rent is $3300 per month.

Thank you,

[Elizabeth Colegrove]

Yes many people are selling for a couple of different reasons depending on the area. What I am seeing in our areas are a couple of reasons.

1) accidental landlords can finally sell- those who were waiting for the market can finally sell and get out

2) relocation and cashing out the profit- those that are relocating and have no desire to move back to the area are cashing out the profit of 40k ish and running.

Everyone has their own opinion. Yes we have great equity in all of our properties but I see them going up even further. Even the hoa at our south carolina houses drives me batty. I am doing a cash out refinance (leaving 25%) to buy two more houses in california. For me continue to grow my empire is more than a 40-130 pay out. 

also don't forget capital gains, and depreciation repayment. 

Remember it is each their own. Figure out how much you would get out of the house. Do you have a better place to invest the money and where you see the house going?