@Heidi Wilson - I think there is a lot of personal preference here, so you could get vastly different opinions.
1) If you hold a property more than a year you only have to pay capital gains on the growth, versus less than a year could be regular income. I will add one caveat, I haven't looked at how this might change for 2018 and the new tax laws, so hopefully an accountant will chime in.
2) If you haven't read it yet, check out this article @Jeff Brown wrote: https://www.biggerpockets.com/renewsblog/investing-more-than-ever/ - I agree with a lot of what he says and I still plan to buy more property. But at the same time I have spent the past year cutting my "losers" so to speak. Basically getting rid of more challenging properties, ones that don't make a high enough return, or ones where there has been insane appreciation. I am also trying to deleverage a bit. Here are two examples: At the end of 2016 I sold off a larger low income portfolio - I had good returns, but its a more challenging tenant base, so I sold to capture profits and free up time. Another example is I have one blanket loan on three properties next to a university. It is all college rentals. The properties have really gone up in value in a short time. I am selling two, and will have enough growth in equity to pay my cap gains, and pay off the blanket loan. This will leave me with that third property free and clear. This will help me lower the overall LTV in my portfolio.
@Heidi Wilson - I've always felt that it's best to hold on to properties and build wealth thru letting tenants build equity in those properties. I guess my questions is why the fear? Regardless of the type of tenants you have currently in your homes, are those homes rent-able during a market down turn? Even in a market downturn people are always going to need a place to live. If you're asking me, I wouldn't sell. Hold on to them and cash out a refi.
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