Owning a property in another area can be a challenge or it can be a piece of cake if everything is running smoothly.
The real estate market over the last few years in the Puget Sound area has been very favorable to sellers with prices escalating thousands over asking price and buyers overlooking property flaws. In fact, conditions are so favorable that many second homeowners have decided to sell, reap huge profits, and change their property investment strategy, especially in light of some of the recent law changes at the state level that have increased risk for property owners who are renting out their homes.
Should you stay? Should you sell? Ask yourself these questions and if you are leaning towards selling, let’s talk!
- Am I getting the maximum rent for my property in this market?
- Am I having to pay for a lot of unexpected maintenance and repairs?
- Are my property taxes making it difficult for me to make a profit?
- Is my property manager keeping me up to date on the condition of my property?
- Does my property manager send me monthly and annual detailed statements?
- Am I feeling like there is more risk than reward in owning this property?
- Has my accountant indicated that a change in investment strategy may be worth looking at?
I am very familiar with selling properties that are currently used as rentals, and can work through the challenges with you and the property manager. Furthermore, I have 1031 Exchange professionals on-hand to help you maximize your proceeds.
Talk with your accountant and then give me a call for a complimentary consultation or fill out the form below: