Should I Sell My Rental Property or Keep It For The Long Haul?
My newest financial dilemma is driving me insane.
In case you missed it, I officially became a landlord in 2023.
My husband and I built a new house and rented out our previous home. Initially, I was skeptical of leaping into the landlord role, but ultimately I’m thrilled with the decision.
Owning a rental property has been nothing but smooth sailing…
After paying the mortgage and associated costs, plus building in some cushion for unforeseen expenses, the rental produces about $9,000/year in net income.
It’s not amazing, but it’s something. And frankly, it’s been an extremely low-maintenance endeavor thus far.
In year 1, we had lovely tenants. They treated our place well and paid the rent like clockwork. I couldn’t ask for much more than that!
In year 2, we got even luckier. Our new tenants have recently moved in, and they paid their full 12-month lease upfront in a lump sum.
This puts my mind even more at ease for the next year. With the full year’s rent in hand, there’s very little risk, plus — it’s nice to make a little interest on the lump sum in the interim!
