You're the first guy I remember on this board who's taken profits.
We get plenty of "I have way too much cash flow to sell!" and "I don't have enough cash flow to sell-- yet!" but very few people seem to cash out at a profit.
I recall the day I sold my last rental, I felt as free as a bird! But my memory must be fading, because I'm thinking of getting back into the business, hehe.
But I made money on both of the rentals I owned! I chalk it up to dumb luck in both cases (1)fallen tree, (2) someone else's law suit.
1) Moved out of my personal residence in Atlanta right before the olympics. Real estate at the time was dead, so rented it. Had one set of renters, engineers, who always paid and fixed everything themselves (I was a 4 hour drive away). Then a tree fell on the house. Best thing that could have happened! New roof, 100% outside paint, 80% inside paint, resanded the floors. The place looked like new, and besides, the market was on fire. Sold it instead of re-renting.
2) Aunt couldn't afford the house after uncle died, so I bought her house as a charity (expected to loose money since I was giving her below market rent, and way less than she would have been paying on her first and second mortgate). Not too much time later, she needed assisted living, so moved out. Then the dumb luck...someone in this 55 and older community won a judgement to allow kids, and the house was zoned to go to the top elementary school in the county. Price went up 80% overnight. Banged the bid on that one, and I was free of rentals.
So twice lucky. Should I get back into renting and see if my luck holds? I just requested the two books from the library
--Dale--