We have a house that has a great tenant. Older person who is interested in buying it. We aren't in the market to sell our rentals, but told them to make an offer & we'd consider it knowing we can always say no.
It's a historic house (meaning old). It's very nice & sturdy with no issues we know of. That said at some point it will need a new roof (about the only thing we didn't have to do when we got it but its definitely not new & the estate we bought from had no records of how old it is), it needs some driveway work eventually & has giant old trees that will become a problem at some point. We owe nothing & have had it long enough that it is 5 months short of recouping all of it's money. Everything: purchase price, renovations, etc.
Considering that we are back to basically zero & it's 100% equity at this point, so we're thinking about it. Rent is $1200 but it would take years to get what we would make on it in one fell swoop - not to mention no more tax, insurance, lawn care bill for those years.
Thoughts?
It's a historic house (meaning old). It's very nice & sturdy with no issues we know of. That said at some point it will need a new roof (about the only thing we didn't have to do when we got it but its definitely not new & the estate we bought from had no records of how old it is), it needs some driveway work eventually & has giant old trees that will become a problem at some point. We owe nothing & have had it long enough that it is 5 months short of recouping all of it's money. Everything: purchase price, renovations, etc.
Considering that we are back to basically zero & it's 100% equity at this point, so we're thinking about it. Rent is $1200 but it would take years to get what we would make on it in one fell swoop - not to mention no more tax, insurance, lawn care bill for those years.
Thoughts?