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Should I sell or keep my rental property?

Dave Says

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Dear Dave,

I can’t decide whether to sell or keep a rental property. Except for the property in question I’m debt-free, and I make $90,000 a year. I owe $20,000 on the property, and it is worth $65,000. What do you think?

George

Dear George,

You’re in pretty good shape financially, and you could probably pay off the rental property in a year or two. So really, it’s a matter of personal preference. I will say this — there’s nothing worse than being a landlord if you don’t want to be one.

It’s not a bad thing to feel that way. Some folks have fun and enjoy it for a while, but then other things become more important. It’s your life and your feelings that matter at this point.

If you still enjoy dabbling in real estate and being a landlord, go for it. If the shine has worn off, get rid of the place. If the latter is the case, you’ll get the responsibility of being a landlord off your back and become debt-free all at the same time!

—Dave

Dave Ramsey

About Dave

Dave Ramsey is CEO of Ramsey Solutions. He has authored several best-selling books, including "The Total Money Makeover." The Ramsey Show is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.

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