Time to sell my Seattle rental?

Question

My tenant has given notice to vacate my property in West Seattle, and I am wondering if I should consider selling.

Some things to consider:

* My house is old and needs work, and I can't afford it unless I can come up with some creative financing options. I'm pretty maxed out.

* Market is hot, could be a good time to sell.

* Market is hot, could be profitable to stay and keep accruing equity, also neighborhood is improving.

I am starting to feel bad about the work that needs to be done there. I don't want to turn into a slum lord!

Thanks!

Christine Sykes · Answer

Account Closed Selling is tempting and I haven't ruled it out.

Account Closed · Answer

@Christine Sykes as you mentioned, it is a great time to sell in West Seattle. I live here and the market is very HOT! I also own a fair amount of rentals and know the work it can entail to maintain attractive and comfortable living situations for tenants and not be an eyesore in the neighborhood. I do think the market will remain strong for another 2 years so if you can find the money to put into fixing up the home and keep renting it that is what I would do. However, if it will stretch and stress you to the MAX, it is not worth gambling on future appreciation as I am sure you would make a nice profit selling now.....that's my two cents. Good Luck!

Craig T. · Answer

@Christine Sykes I sent you a DM

Wesley W. · Answer

Based on your subject heading, I was expecting your post to cite all of the tenant-friendly laws they are passing in the city as your motivation to sell.  ;)

CJ Johnston · Answer

In the right neighborhoods people are buying fixer-uppers at near retail price.  You may not have to put any work in and still get a  great price for your place, if you want to sell.

Thomas S. · Answer

Sell. The timing for you is perfect.