Posted by Tony-VA on January 23, 2003 at 11:09:09:
Your question is really a one of personal preference. It sounds as though you have had few “landlord headaches” and received a nice, long term income stream. The rental has provided both tax deduction and likely property value appreciation (as opposed to having sold the home and simply retained the land).
I know I am in the minority in my opinion here but my feeling is that if you are not burned out, then why sell? Why lose the tax benefits? Why turn a long term equity building, cash flowing income stream into an installment sale, equity slowing, short term income stream simply under the fear of land lording.
Now if you were burned out or had other time commitments, then selling may be a necessity but I would encourage you to look deeper.
Many of us hear land lord horror stories and decide we are burned out land lords before this is truly a reality.
This is my first post so let me begin by saying hello to all you Ladies and Gentlemen, and thank you for all the valuable information I have gained from reading your posts.
Allow me a little history so my question will be clear.
About a year and a half ago I bought a 1984 14x70 2br/2ba repo from a local bank for $2100. The PM would not let it stay. I own 3.64 acres 1mi from a marina on a local river so I moved it there. I live just 7mi from this property. Anyway,after moving, setup, septic tank, water meter, electrical service, repairs, skirting, central air, decks, gravel drive(did I forget anything?)I have $8500 in this very nice home. I rented it to an older couple for $350/mo and now they have bought land and a new double wide and are leaving. After 19 months I have collected $6650 in rent which leaves me with $1850 in the deal and the MH is as nice now as when they moved in, great tenants. Keep in mind the $8500 paid for the MH and the creation of a lot.
NOW, here is my question. Should I continue to rent, hoping for more great renters or should I sell with owner financing and get payments plus lot rent and have one less landlord headache?
Any and all opinions will be appreciated.
Thank You!