+49 votes
by (940 points)
Curious on outsiders point of view. I currently own a home that I am renting out because my kids and I moved in with my parents because of their health declining and they needed help with day to day things. I kept my home because I want a place to go to when all is said and done with their health challenges (mom has stage 4 cancer and dad has depression/dementia). Lately, my mom has been pressuring me to sell my home to get out of that liability. She says the boys, dog and I aren't going anywhere and we are going to live with them forever. I think she's joking. I see her point, but I love my home. It was my 1st purchase ever with no co signer, I did it all by myself! It was a dump, but the location was unbeatable. I put $40, 000 into it to make it perfect and it is. Great neighbors, great commute, close to the boys school, etc. My renters have been amazing (that sounds weird I know, but they really have been), always on time with rent, they take care of my home and we have a great relationship. I'm using a property management company so I am not making any money either than what goes out to the mortgage company. Homes in my budget are scarce if any. That's why I needed a dump or move 1 hour away from our lives. I know you all don't know me personally, so I am curious on others point of view. sell or keep renting it to build the equity? Right now, I would probably only make $5, 000 on the sale if that. I'm not 100% sure in that figure, I'm waiting in my realtor/cousin to get me the numbers (her mom just died, so I'm being patient).  
Curious on outsiders point of view.

40 Answers

+48 votes
by (1k points)
Is it a liability? Is the rent covering the costs? If yes then it’s an asset! I say keep it!  
+11 votes
by (1.4k points)
Keep it!  
+23 votes
by (2.3k points)
I think real estate is a great investment especially if you have great tenants and minimal headaches with renting out. It can be an extra source of income one day too hoping your mom does make it for many more years. Go with your gut. It is always right. Best wishes to your family!  
+13 votes
by (2.4k points)
Keep it! Someone else is making your mortgage payment and Real Estate is a good investment. As long as it is an asset and not a burden. keep it!  
+5 votes
by (7.9k points)
Keep it. It's not hurting to keep it and one day you may want to move back in.  
+33 votes
by (1.5k points)
Definitely keep it, with the details you've shared. It's not a liability, and a home that's already yours is far better than looking for one.  
+23 votes
by (2.3k points)
Keep it. It's yours and as long as the renter's are looking after it and your mortgage is being paid you've till got a home which is yours.  
+21 votes
by (2.7k points)
Have it appraised and go from there
+23 votes
by (3.7k points)
Keep it
+7 votes
by (2.3k points)
Definitely keep it.  
+4 votes
by (2.4k points)
Keep! It’s great to have the property.  
+32 votes
by (500 points)
So sorry to hear about your parents health issues, I am going through the same. mom has cancer, dad has dementia. We are renovating our home to have them move in with us and we are planning to rent their condo out since it will give them monthly income since it doesn’t have a mortgage. My opinion, I would keep your place since you have great renters. You love it and could be your sanctuary for later. ❤️
+31 votes
by (4.4k points)
Keep it! It’s a long term investment!  
+43 votes
by (810 points)
Keep, I’m not understanding why you would need to sell it. as long as the rent is covering your costs it’s a great asset
+14 votes
by (2.4k points)
I agree with almost everyone here, - keep. Your Mom is entitled to her opinion but that’s her opinion. What makes sense for you doesn’t require her approval/permission.  
+35 votes
by (560 points)
Don’t sell that house.  
+45 votes
by (900 points)
Don’t sell!  
+10 votes
by (1k points)
Keep your home
+32 votes
by (4k points)
Keep it, rent it.  
+49 votes
by (580 points)
Keep it.  
+16 votes
by (1k points)
I'm sorry to hear about their health! Such a great investment though, keep it!  
+1 vote
by (2.4k points)
Rent it
+9 votes
by (5.6k points)
I would keep renting it. Then you can move back into it later.  
+41 votes
by (550 points)
Keep and start throwing money at the principal of the mortgage while you’re staying with your parents!  
+43 votes
by (550 points)
Keep it! It sounds like the renters are paying the mortgage for you. What a great investment. In the end you will own it outright without having to pay the mortgage.  
+28 votes
by (5.4k points)
Keep it
+36 votes
by (1.8k points)
Keep and rent. Owning real estate is such a great investment! All the well off people I know, own multiple homes!  
+33 votes
by (5.4k points)
Keep it. Doesn’t sound like it’s worth it to sell. Just make sure you have money set aside to cover if anything major needed to be repaired/replaced like the furnace, roof, plumbing.  
+3 votes
by (440 points)
I would sell your parents home when that time comes unless you want to live in it. Keep the rental property and lose the property management company.  
+40 votes
by (580 points)
Keep it!  
+13 votes
by (4k points)
Definitely keep it, and get rid of the management company and do it yourself.  
+42 votes
by (560 points)
Keep it! It will be worth the equity later on, if it’s not costing you money or causing headaches then I would say, don’t fix it if it ain’t broke!  
+6 votes
by (5.6k points)
I’d keep it. Real estate is a great investment.  
+11 votes
by (11.6k points)
Dave Ramsey would say sell, but if you know it’s perfect for you it’s a hard toss up
+42 votes
by (910 points)
Are u financially strapped for money? If not I would keep it and continue - as long as u are not putting any money into it. That could be your retirement money or your kids education etc
+44 votes
by (3.2k points)
I would keep it and the property management company. All this is going smoother for you because you are receiving a professional service otherwise YOU would have to manage. Sounds like you have allot you are already managing with you parents. Wishing you the best!  
+43 votes
by (570 points)
Keep it!  
+48 votes
by (1.8k points)
It’s not costing you anything at the moment! You’re building equity! It’s a no brainer!  
+12 votes
by (560 points)
I would say keep it. Further to this, unless you are going backwards financially, keep the management company too! There will be a time when you will need somewhere to live and I wouldn’t give up a great investment now if it’s not affecting you financially. That just makes absolutely no sense. On the flip side- if it is financially affecting you in ANY way then I would say sell.  
+21 votes
by (570 points)
It was a smart decision to keep and it still is. Income property is always a smart move! Wish we would have kept our first home to turn into a rental
The Budgeting For Moms Group is where you can always find questions, answers, advice, reviews & recommendations from other community members about mothers making smart financial decisions and budget goals.
...