Hi All,
Two years ago my wife and I purchased two rental homes at rock bottom prices. We spent lots of time and energy renovating them and have rented them out ever since. Anyway, I am curious if you guys would sell them or keep them and collect the rent income. After PITI the rent proceeds come out to about $1000 a month. If it matters my goal is to retire from the military in about 8-10 years and hopefully never work again. This will put me at 40-42 years old and my wife 3 years younger. When I retire from the military I will get a pension worth approximately $30k/year plus inflation. In addition I have two payed off newer cars (ok... a new Prius and a 2010 Fusion) and $270K in the stock market.
Property #1: Mortgage - $35,541 @ 4.125% - Rent $925 - Could sell for $90-100k
Property #2: Mortgage - $28,945 @ 4.125% - Rent $800 - Could sell for $50-60k
Would you keep the properties or sell them if you where planning on never working in less than a decade?