Dear Dave,
I can’t decide whether to sell or keep a rental property. Except for the property in question I’m debt-free, and I make $90,000 a year. I owe $20,000 on the property, and it is worth $65,000. What do you think?
George
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Dear George,
You’re in pretty good shape financially, and you could probably pay off the rental property in a year or two. So really, it’s a matter of personal preference. I will say this; there’s nothing worse than being a landlord if you don’t want to be one.
It’s not a bad thing to feel that way. Some folks have fun and enjoy landlording for a while, but then other things become more important. It’s your life and your feelings that matter at this point.
If you still enjoy dabbling in real estate and being a landlord, go for it. If the shine has worn off, get rid of the place. If the latter is the case, you’ll get the responsibility of being a landlord off your back and become debt-free all at the same time!
—Dave
Photo by Erik Mclean
