Should we sell our DC rental?

[Anonymous]

I recently sold my rental property (in Maryland) and I am so glad I did it. I had a condo and under charged rent to keep good tenants. I also managed it myself. I just got tired of doing.

The taxes were definitely a hit so you need to run the numbers. I took the profit I cleared and put some in index funds and some I put in just a Fidelity Treasury money market. I make more than I did with my rental with none of the stress.

[Anonymous]

We’re selling our DC condo now. I’m so over it. Not great timing but our tenants moved out so we took the opportunity. We live out of state in a medium COL area.

Close is on Friday so fingers crossed it goes through.

[Anonymous]

We will have to make this decision next year, when the lease runs out. If it were just a rental, the decision would be much easier: we would sell. But this used to be our home and we love it. We love the neighborhood and we love the style of the house. Our kids were born there. So our emotional ties to the house are still strong.

[Anonymous]

Anonymous wrote:I recently sold my rental property (in Maryland) and I am so glad I did it. I had a condo and under charged rent to keep good tenants. I also managed it myself. I just got tired of doing.

The taxes were definitely a hit so you need to run the numbers. I took the profit I cleared and put some in index funds and some I put in just a Fidelity Treasury money market. I make more than I did with my rental with none of the stress.

I think this is a mistake. Seems like the OP made the same mistake. There are good and bad tenants at every price point.

[Anonymous]

Anonymous wrote:We will have to make this decision next year, when the lease runs out. If it were just a rental, the decision would be much easier: we would sell. But this used to be our home and we love it. We love the neighborhood and we love the style of the house. Our kids were born there. So our emotional ties to the house are still strong.

Irrational thinking. Unless you think you will move back in there in the next 3-5 years, just sell.

[Anonymous]

Anonymous wrote:We will have to make this decision next year, when the lease runs out. If it were just a rental, the decision would be much easier: we would sell. But this used to be our home and we love it. We love the neighborhood and we love the style of the house. Our kids were born there. So our emotional ties to the house are still strong.

Agree with PP that if you picture yourself moving back in at any point after kids are done with school or at retirement etc. you should keep it. Don’t agree to limit yourself to 3-5 year horizon though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I recently sold my rental property (in Maryland) and I am so glad I did it. I had a condo and under charged rent to keep good tenants. I also managed it myself. I just got tired of doing.

The taxes were definitely a hit so you need to run the numbers. I took the profit I cleared and put some in index funds and some I put in just a Fidelity Treasury money market. I make more than I did with my rental with none of the stress.

I think this is a mistake. Seems like the OP made the same mistake. There are good and bad tenants at every price point.

This can make sense if you are trying to KEEP good tenants- we have a rental that we raised the rent on only about $50/ month each renewal in order to keep the tenants. When they finally moved out after five years we jacked up the rent but avoiding having to turn over the unit was absolutely worth it for a while.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I recently sold my rental property (in Maryland) and I am so glad I did it. I had a condo and under charged rent to keep good tenants. I also managed it myself. I just got tired of doing.

The taxes were definitely a hit so you need to run the numbers. I took the profit I cleared and put some in index funds and some I put in just a Fidelity Treasury money market. I make more than I did with my rental with none of the stress.

I think this is a mistake. Seems like the OP made the same mistake. There are good and bad tenants at every price point.

This can make sense if you are trying to KEEP good tenants- we have a rental that we raised the rent on only about $50/ month each renewal in order to keep the tenants. When they finally moved out after five years we jacked up the rent but avoiding having to turn over the unit was absolutely worth it for a while.

This is what we do also - we have a half dozen rental properties. Asking price slightly below market to get a lot of interest, then pick the applicants with the best combo of salaries/ credit scores/ references, then raise a nominal $50-$100 (about 3%) every year.

[Anonymous]

+ 2

[Anonymous]

Hold onto good tenants for as long as possible. They are for sure worth under market rent. Conversely bad tenants are costly. From experience of both.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I recently sold my rental property (in Maryland) and I am so glad I did it. I had a condo and under charged rent to keep good tenants. I also managed it myself. I just got tired of doing.

The taxes were definitely a hit so you need to run the numbers. I took the profit I cleared and put some in index funds and some I put in just a Fidelity Treasury money market. I make more than I did with my rental with none of the stress.

I think this is a mistake. Seems like the OP made the same mistake. There are good and bad tenants at every price point.

Have you ever been a landlord? A changeover in tenants will cost a great deal more than foregoing a small rent increase with great tenants.