If you have a rental property, you must run it like a business and make strong business decisions.
Here are the reasons why you should sell your property:
Perhaps you found yourself overwhelmed with dealing with bad tenants, a bad property management company, or other frustrating factors. It is okay to say investing may work for other people but it won’t work for you.
You may find you need to sell due family, medical, or financial reasons.
You aren’t comfortable with having a tenant in your home or being responsible for issues like those related to Fair Housing. These concerns may indicate that renting your home is not something you want to do.
Move on to bigger and better things
Let’s say you own a couple of houses and you decide to do a “10/31 exchange” wherein it is tax-deferred, and you basically take that money and roll it to something bigger. This is a good reason to sell your property.
Most importantly, when you think of selling your property, do not think of it as an emotional play; think of it as a business decision. Step back and look at it logically, and then make a decision based on the numbers not emotions.
If you have further questions, want to talk to us about buying or selling your properties, interested in a wealth-building session, or want to check out our property management services, please don’t hesitate to call us.