There are two wonderful options here: First, is to become a landlord and continue to grow your wealth through equity, the other is to cash out and reinvest in something else, although the decision is a difficult one, it must be made when you have an investment property.
There are a few questions to ask yourself before becoming a landlord: Do you want to deal with tenants or hire a property management company? This may be perhaps the biggest part of owning an investment property. Now, I understand everyone has heard scary tenant stories and how they can make you miserable, however, when rental properties go well, they can be a wonderful addition to your real estate portfolio.
If you are leaning towards selling, consider what the market is like where the house is located. If the market is in a slight dip, consider leasing it out for 3 or 6 months to sell at a better time of year. Of course, if the market is great in your area, there is no need to wait. Finally, you will need to find out the tax implications of selling this wonderful write-off. As a Realtor, I know to stay in my lane, so to speak. You will need to speak to a tax professional for that advice.
Naturally, there are many things to consider when making this decision, this chat only scratches the surface. But I hope it is helpful on some level in deciding whether to rent out your investment property or move on with the sell.
