2. For the last 6 months I’ve been losing close to $200/month on the rental due to tax/escrow increases over the years. I had long term tenants and did not increase the rent.
My current/primary house needs work. I bought it fairly cheap during the housing crisis years.
My plan was to sell both properties and buy a house that doesn’t need improvements. I’m also considering buying a house closer to work.
I do have enough equity to lower the price – and yet I’m not desperate to sell (yet).
A house very close to mine but 300+ sq ft smaller just sold in 5 days for 330k. It was a single story though.[/quote]
I know you and I have not seen eye-to-eye in the past but I say this out of genuine concern.
Get a property manager.
I have done more of that in the last 3 years and I have come to the conclusion that its actually more risky to manage your own rental than to manage your own purchase.
Waaaayy too many ways to get sued or lose a shit-ton of money based on seemingly innocuous or friendly decisions.
