Should I sell an Investment Property or NOT (tenants, mortgage, mortgages)

[westchester]

Here is the quick scoop . I owe 285k on my house have home equity for 85k .total owed out 420k....married 4 kids 2,4,5,and 7......age 39...have stable job making 95k a year...own 2 multi family homes 1 i owe 350k on covers it self easly the othe i owe 410 covers itself easly....can sell eiter one in this market for 800k..................the ? is WOULD YOU sell one to be debt free no mortgage on your house, no credit card bills no car payments, just the other mortgage on the rental like i said covers itself very easly and be able to live stress free or hold onto it for another 10 years and make a nice penny off it every year.p.s. my wife makes 35k a year...and she would be able to stay home full time with the kids.....
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[2bindenver]

I wouldn't sell any until a kid goes to college.

[emilybh]

With the economy tanking (and as rents eventually will have to be lowered as tenants are unemployed or underemployed have less $ dinero to spend on rent) I would want to work towards becoming debt free and get rid of the properties while you still can and aren't forced to -- even if you only get 50 cents on the dollar for them (enough to pay off the mortgages). Let someone else deal with the headaches of being a landlord. You don't need the extra stress during an increasingly stressful time.

Don't forget inflation is going to get MUCH WORSE thanks to all the drunken sailor spending and printing of money in Washingtong D.C. bailing out the banks.

That means just getting by and paying your bills is going to be exponentially more expensive in the near future.

I'd sell now while you still can.The last thing you need is for the worst case scenario to occur and be put in a situation in the future where you now HAVE to sell and there are even fewer buyers who are willing to pay even less than they are now.

Don't worry about college for your kids. Tuition costs which are OBSCENE nowadays, will have to come down, just like housing prices are now.

At least this is what I would do in your situation having owned rental property with tenants and had both stellar tenants and tenants from h#ll.

In this economy you don't want to owe anyone anything.

Watch the 50 minute movie "Money as Debt"
YouTube - Money As Debt (1 of 5)

Read CRASH PROOF by Peter Schiff.

If I were you I'd want to put whatever $$ you might net towards paying of the mortgage on your house..

If on the other hand, you have a hugely positive cash flow on the rental properties after all your expenses, I might consider keeping them. If they only do a little more than carry the mortgage; taxes and expenses then I'd sell ASAP.

[westchester]

not sure yet...... it is not easy to pull the trigger...