Hello everyone, this is basically another one of those should I sell or keep my rental threads :)
In this case however, I'm almost convinced that selling would be the best move.
In 2012~2013 I mentioned on this community that I wanted to buy another rental property. I ended up buying it, it cash flows, but not as much as I would want it to, I think the numbers are not worth the hassle for me right now, a good thing though is that it has been crazy in my town since I bought it and it has appreciated about 70K, selling is not a money losing option.
Vacancies have not been an issue, although I doubt it will always be like that, rent should be going up about $100 a month in six months when the lease is renewed and the tenants know about it (assuming things continue to be as hot as they are right now though), the main issue has been repairs, on a perfect month I'm cash flowing about $270, but with all the repairs I've had to do last and this year, I think my cash flow is closer to $25 or less, even at $270 a month, my cash on cash return is about 9%, which is still low for me now after reading as much as I have since I bought the property.
Now the only problems I'm seeing as I type this are: first, the time of the year, it's getting cold and as most of you from the north know, winter is the worst season to sell real estate, and second, it is rented until next year, so that limits the amount of potential buyers to mostly investors, I would not want to inconvenience good tenants trying to work a deal for them to move.
On the other hand, who knows how things will be in Spring? things may cool down, recession? RE crash?
The question is: Should I list it now and have a reduced pool of potential buyers or should I wait until Spring and the house is vacant? What do you think?
Thanks