Here are 3 questions you should ask yourself, when deciding to sell your investment property:
- Did you lose money on your rental property during COVID?
- Did you lose money on your rental property prior to COVID?
- Did you lose money at any time 2 years in a row, on your rental property?
If your answer to all 3 of these questions is NO, then CONGRATULATIONS you are doing great keep those rentals!
If your answer is YES to 1 or 2 of these questions, then it may be time for you to sell, reach out and let’s chat about your situation.
However, if your answer is YES to all 3 of these questions, then YES, you should absolutely sell. The only reason to have a rental property is to make money and if you are not making money, then you should sell.
How long have you been holding out for the hope of getting a good tenant, who will pay you and not destroy your property?
Now more than ever is the time for you to sell and here is why:
- Interest rates are low so there are new buyers willing to pay you top dollar for your property.
- Home prices have risen significantly, so if pre COVID, you may have broken even, forget about that now, your property may be worth significantly more!
- Homes are selling in as-is condition. If you met with a Realtor before COVID, who told you, you need to make repairs to your property, things have changed. Buyers are paying top dollar, waving inspections and paying over the appraised values. Does this mean you should price gouge – no, but it does mean you don’t have to make costly repairs, just to sell.
Give me a call today, let’s end your frustrations of not making money and dealing with bad tenants, stop holding out for the hope of a good tenant. Lets sell your property and make you some money!
Seekia Morrison, Real Estate Broker
West East Real Estate
56 Washington ave.
Endicott, NY 13790