Hello, I am looking for advice. We purchased a home 2 years ago and have been successful renting as vrbo. Township ordinance no longer allows. We can rent minimum of 30 days. I am trying to decide whether to sell now or keep and lease. Can sell and clear around $60-80k I think. Can rent and clear around $600 a month. This is my first rental. Thank you for your help.
I would say it all depends on your end-game and goal. Do you want to continue to hold the property and gain equity, or do you want to offload it? Do you need capital now for some reason? A true $600 spread (after all expenses accounted for) on a rental is pretty good return. Personally, my record is $500 to $550 on a mortgaged SFR property. But if you need the capital now, sell it.
Thank you for your reply. I don't need the capital now but I could use it to pay off some debt (primary residence) and feel less stressed about it. I have a few more years before retiring and want my primary home paid off before I do. Leaning towards selling. Thank you, Dave.
You’re welcome! Good luck