5 Reasons You Should Sell Your Rental
Investing in real estate for most is about maximizing profit, however if you been in the game long enough you’ve probably experienced a few different moments where you’ve contemplated selling off everything.
With all the things that go into being a landlord, it’s normal to have those feelings. The question is when is the right time to sell? Trying to guess the perfect time based on the market is impossible.
However, picking the best time to sell based on the things you’re experiencing plus current market conditions is a whole lot easier.
When you are ready to sell you should think about how you might want to sell it. Will you want a full listing or something quicker more convenient like a cash offer? If you’re thinking you want a cash offer you definitely need to check this out to learn more about your options.
Not sure if you’re there yet… Check out the following reasons to sell your rental!
The Work Isn’t Matching Reward
Many think having a property manager makes owning real estate completely passive income, and while that’s ideal it’s not realistic. Someone still has to manage the manager. Not doing so is essentially a free pass to get taken advantage of by a property manager.
Maybe you self-manage your property and instead of a property manager handling tenants, it’s your responsibility. So you are the one taking the emergency calls at any hour of the night, you are the one left to handle any and all nuisances that come with having tenants.
If you aren’t paying yourself a fee like you would a property manager this work can get tired fast especially for just a few hundred bucks a month of cash flow.
If this is you… You may not want to deal with the work required to get the rental property ready to be marketed on the open market. You might think a cash offer from an investor may be the way to go, but what’s better than a cash offer? MULTIPLE CASH OFFERS! Learn more
2. Not Seeing a Positive Cash Flow
You are not in the real estate investing business to lose money month after month. There are a number of reasons your cash flow could be hurting some may not be totally your fault.
Maybe the rents in your area have dropped or stayed stagnant as the cost of taxes utilities & insurance has risen.
Being a landlord isn’t just about claiming the title, most did so to build wealth and generate income. If the property is costing you more than it’s bringing in… It may be time to part ways with it.
3. Maintenance has Become Unaffordable
Cost related to properly maintaining a rental property can not only be costly but also untimely. As a landlord, it is your responsibility to make sure the home is habitable. This means keeping up with all regulations and health codes.
Of course, some repairs can be do-it-yourself projects, not many landlords have the time to allocate, meaning money & time will have to be spent to find the talent to remedy the issue. There are some repairs that will require a specialist which usually means you will have to pay a premium for that specific knowledge and insight.
These things add up & sometimes the. budget is just not there leaving you as a landlord in a very compromising position. If this is the case you likely would like to sell in a way that doesn’t require you to make an additional investment. Learn More about different options here.
4. Major Life Event That Changes Circumstances
Life has a funny way of NOT warning us of situations that will drastically change our lives. Warning or not we will have to have some type of response.
Maybe you’re going through a divorce, experiencing the death of a loved one, or are dealing with a change in your health that makes it difficult to focus on maintaining your rental properties. Perhaps you need to relocate for a job. Being a remote landlord adds new complexity to managing rentals that you are not willing to take on.
No matter what the reason, large life changes can hoard your time and money, making it difficult to thrive as a landlord.
5. You Have Better Opportunities to Generate Wealth
Living in such a fast changing times opportunities often come across regularly maybe its crypto currency, NFT, a new startup. Perhaps you simply want to reposition and relocate your portfolio.
It is not uncommon for real estate investors to have their capital tied up in real estate causing them to sometimes miss the next big opportunity.
If you cannot leverage your portfolio to pull out capital maybe it is time to sell.
If you do indeed feel like now is the time to sell, I would love the opportunity to educate you about Express Offers a proprietary platform that helps our sellers fetch multiple offers from vetted cash buyers
