SoCal Real Estate-Should I sell my home or keep it as a rental property?

I’m really torn about a real estate issue. A good problem to have, but nevertheless, it’s keeping me up at nights…I own a unique property generating excellent rental income (net $6K per month currently but could probably rent it for much more, maybe another $1500-2K later in 2022). I’m very happy about this obviously, but I am short on cash. And I need cash to make a change in my career which will allow me to take some risk to reinvest the money in other things, and not have to worry about leaving my job, which I really dislike. Selling the property will likely net me upwards of $2.5M. Market is so good right now, and with inventory so low, this would be prime time to sell.

I worry I’m making a mistake in letting go of really good passive income and risking critical income that I will need in retirement (in about 10 years). I still have young children, future college expenses, etc. On the other hand, it would be nice to access the proceeds of a potential sale to give me some financial freedom to enjoy life a bit more, wind down, and explore other careers without worrying so much. I’ve made many sacrifices to get to this point…just don’t want to mess it up and make a bad decision for our family.

submitted by /u/housemaven57
[link] [comments]

I’m really torn about a real estate issue. A good problem to have, but nevertheless, it’s keeping me up at nights…I own a unique property generating excellent rental income (net $6K per month currently but could probably rent it for much more, maybe another $1500-2K later in 2022). I’m very happy about this obviously, but I am short on cash. And I need cash to make a change in my career which will allow me to take some risk to reinvest the money in other things, and not have to worry about leaving my job, which I really dislike. Selling the property will likely net me upwards of $2.5M. Market is so good right now, and with inventory so low, this would be prime time to sell. I worry I’m making a mistake in letting go of really good passive income and risking critical income that I will need in retirement (in about 10 years). I still have young children, future college expenses, etc. On the other hand, it would be nice to access the proceeds of a potential sale to give me some financial freedom to enjoy life a bit more, wind down, and explore other careers without worrying so much. I’ve made many sacrifices to get to this point…just don’t want to mess it up and make a bad decision for our family. submitted by /u/housemaven57 [link] [comments]

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