Need some advice for parents - to sell or not to sell?
My parents bought 2 condo/townhomes a few years ago. I didn't know this until now but they've already paid off the mortgages for both properties maybe 5 years ago. But they just said they are thinking about selling them because they haven't earned much due to having to fix a lot of stuff each year. So all in all maybe they've netted $8k from the twp properties over the last few years. They just did some major AC repairs last year and I'm thinking they should hold on to them. I feel like they've finally fixed stuff that were really problematic and expensive and that the expenses shouldn't be too random and large for a while.
1st property is rented out for $1,400 with ~$500 in recurring monthly expenses (agent fee, HOA, insurance, etc)
2nd property is rented out for $1,200 with ~$500 in recurring monthly expenses
Are these numbers good? I have no experience in real estate whatsoever. But I'm thinking since the mortgages are already paid off, this is basically free money they can use to put as a down payment for another property in the future?
I think they are just getting fatigued with the maintenance expenses. I'm trying to be positive thinking that that should be over now since they've got it out of the way last year. Is this silly of me?