Renew Lease or not?

I wanted to make some repairs and sell a rental property I have, so that I can invest in other properties. The problem is that my tenants want to stay an additional 6 months beyond the lease - moving the time frame to September. :banghead

Do you think it is best to keep my tenants and sell later, or kick them out?

Please let me know what you think,


Follow your plan. What the tenants want is not relevant to what you need to do. If my plan calls for emptying the house doing a make ready and selling it I would sell it. If it takes a month to rehab, then you are on the market in the sweet part of the year for sales.

if the property cash flows, keep it and buy additional properties with no money down.



This property cash flows. If I acquired additional properties with No Money Down I would not be able to afford a “worst case” scenario; having no tenants.

Selling now, you are selling near a bottom in the market. If you have no compelling reason to sell, I would not get rid of a positive cashflowing property.

Unless you are guaranteed that you will do better if you sell and purchase another investment property, I would hold and not sell. If you need your equity to buy something else, how about a HELOC on your investment property to get cash out of your equity?