Should I sell my San Jose property?
I am kind of an accidental landlord in San Jose in that we moved to a new house but did not need to sell our old one. We have been renting it out and making a little bit of profit but nothing to write home about. However, the property is now worth about $300k more than what we bought it for during the recession. If we sell it, we can use it to buy some smaller properties in other states but not in CA, as everything is still too expensive. We are hesitant to do this as we are not experienced landlords. Or should we keep the property and just bank on further appreciation? Thank you for your thoughts.
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I'm keeping mine. Have you rented yours for more than 2 years? If you have you will pay tax on the profit. Do you count mortgage principal against your return? Unless you are retiring tomorrow and need the cash to live on, keep the San Jose house. What part of San Jose is it in? If it's close commute to the tech companies you will always have good renters and decent appreciation over the long term.