Is it time to sell your investment property in Raleigh? In our latest post, we cover four signs that might mean it’s time to say goodbye to your rental or flip!
When it comes to investment properties, there can be a lot of emotions involved. You may have put a lot of time and effort into finding the right property, fixing it up, and renting or flipping it. But sometimes, you reach a point where you realize that selling is the best option. Keep in mind there can be other factors to consider, so always consult with a real estate professional before making any decisions! Keep reading to learn more about our 4 signs its time to sell your investment property in Raleigh.
Negative Cash Flow
Like any other businesses, investment properties come with their challenges. It’s just part of being a landlord, so look for patterns. If this is a regular occurrence, it might be best to hold on through the slow period. But if you are consistently seeing negative cash flow or experiencing trouble retaining high-quality tenants, it might be best to cut your losses and walk away from the investment property scene! Nowhere does it say you need to hold on forever when there are better investments out there waiting for you – use what resources (like money) can work with your situation.
Difficulties In Distance
Some people find that being a remote landlord works well for them. But, sometimes paying an expensive property manager and dealing with things on your own can be next to impossible – especially when you’re not located nearby! Property showings, tenant screenings and checking on your properties can be difficult when you are not located nearby. Only in some situations a landlord and tenant are able to live far away without the use of a property manager. Many times, these relationships are possible because the landlord and the tenant knew each other previously or through a friend.
The Value Has Jumped Significantly
If you are able to resell the house for a substantial profit, it might be in your best interest to do so. While you could be collecting rent each month, slowly profiting over time, there aren’t any guarantees you will be able to retain high-quality tenants for the long-term. You may run into vacancy issues, the rent prices in your area may fall, and the overall value may drop before you decide to resell down the road. If you have the opportunity to resell the property at a significant profit, it is something you will definitely want to consider.
Maintenance Costs Are Rising
The older your house gets, the costlier it will be to maintain. As you see your profits diminish and your repair bills grow, you need to ask yourself if this pattern will continue. Having to fix one thing after another can be extremely costly and frustrating. Not only can the maintenance get expensive, but the time and stress caused can be overwhelming for Raleigh investment property owners. Your investment should be a sense of pride and generate income for you and your family. Property in any other state may be more trouble than its worth and a great candidate for a resell.
Do you own an investment property in the Raleigh area that you wish to sell? Let’s work together to run the numbers! Find out if you should keep the property, sell it directly, or hire an agent to help you! You have options when selling your Raleigh investment property, and we are here to help!