Hi all,
I am in a partnership LLC as a Co-owner of three rental properties far away in another state.
We bought these properties at the low around 10 years ago with cash. Neither of us have ever seen one in person, only pictures. We work with a property manager who we generally trust.
As an investment, these have been 100% passive besides having to make decisions about repairs, renters, etc.
We have had a few very bad experiences with renters(trashing the place), but generally these have provided pretty trouble free income over the years.
As time has marched on, so of course have the values of the homes. The following is a list of the properties.
Property 1
Purchase Price: $65,000
Zillow Estimate 2020: $147,453
Rent $1025
Property 2
Purchase Price: $78,435
Zillow Estimate 2020: $184,723
Rent $1100
Property 3
Purchase: $65,000
Estimate 2020 : $147,506
Rent $1150
As you can see the values have climbed over the years. This of course is just a Zillow estimate, I am not sure if an actual sale price would be higher or lower, but it's likely a good ballpark(correct me if I am wrong).
I see one option as selling all or some of these, but in todays crazy expensive market I could never buy back into RE with the spoils. I could dump it all into my Vanguard account.
I have posted about these a couple years ago, but I am just resisting them to see what people think.
I am perfectly happy continuing to own these, and of course that is the path of least resistance because everything is in place and we're familiar with them at this point. But I just want to get peoples opinions here on what they may do if in my shoes?
You may be wondering about the partnership. It is a good relationship and easy, If I wanted to sell my partner would likely be accommodating to that idea.
thanks for looking! Please let me know what other numbers you need for a better judgment.