Should I Sell My Rental Right Now?

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[barnabusdoyle]

As long as the rental is doing well, no major problems from the property or the renters, keep it. Pound away at the rental’s mortgage then get another rental if you like that. Having multiple streams of income should be what you aim for going into retirement

[majdjamjoom]

" I have enjoyed the peace that comes when I don't have a single payment in the world "

I Can't wait for this moment !

[mikegniner]

We sold our primary residence and moved back into the one we were renting. We are very happy with our decision

[shumatsuopost]

Keeping it is the best answer as long as it generates income.

[Nolaman]

If the rental generates income, keep it.
It will keep making you money for a long time. Being a landlord isn't that bad, she was making money.

[NomadicRVLiving]

I've had three rental properties, fortunately all sold before the pandemic. I do not like being a landlord. When they call, just ask "what is broken now?"

[Elizabeth_lowkeyluxuries]

I would say sell it and peace out. I hated being a landlord!! Only way I'd do it now is by hiring a property management company to handle it.

[zachmatuszak]

I feel like Dave is saying “don’t sell” in this one, but can’t because of his principles

[eemr]

If they are selling the rental and not moving back in it to make it their primary residence then capital gains and depreciation recapture will apply. The capital gain exclusion only applies to primary residence and you have to meet certain requirements.

[JustinCase]

D.C. property is so tax heavy and complex every year not to mention being a landlord. Sell the rental and enjoy your primary place.

[mikepearson]

I love Dave, but if I called in to ask if we should take out a mortgage on a fully paid off home in order to put a 50% down payment on a rental property, he would holler about how stupid that is. This is functionally identical to what this caller is asking, but no “stupid” label is given. I have never understood why he sees the two differently.

[jeretso]

If its inside Washington DC limits Sell it ASAP. DC could pass more eviction restrictions which can clog up an eviction then you miss the 3/5 year tax break.

[Dave-tzzx]

The question is, how simple do you want your life to be? If you don't want simple, become a landlord.

[hmmm]

Why would you ever sell a house with a 3% mortgage?

[danielhanafin]

It’s funny he says sell. Then mentions two of his rentals. Do what people do, not what they say.

[arlpoon]

Good call, good to hear Dave’s balanced take

[andybungert]

I'm a very big fan of how Dave obviously gave his opinion, but saw that with all those factors in play neither decision would be terrible. I'm nowhere near any situation like they have, and even I was like man that's a tough one.

[lkjg]

Not everyone is cut out to be a landlord - sounds as though they are having second thoughts. Nothing wrong with that. The IRS exclusion rule is that the property must be used as their primary residence for at least two of the past five years. Since they converted it into rental property, they definitely need to sit down with a tax expert, sooner rather than later.

[jimmymcgill]

Keep it, as long as you're making a profit.
In DC, she's making some good money.
You will never get an interest that low again.

[willtacomandgen]

I would never sell an income property. I will keep it and rack up all the money from it. Please don't listen to Dave keep your house.