sell

Should We Sell Our Rental During COVID-19 or Wait?

this is where I put my coaching hat on I

meet you right where you are and we talk

about what's on your mind

first and foremost I've got a a panicked

email in this is from Jenny Jenny says

she's panicked vips she goes my husband

and I have been fortunate enough to have

steady well-paying careers but we've not

always been smart with our money we are

at the very end of baby step 2 and I've

already had baby step 3 in the bank we

reversed these steps because of the

current pandemic I'm panicked because we

purchased a second property two years

ago and refinanced our house to do it we

no longer feel we will use this

investment property as intended now we

have a hefty 450,000 28-year mortgage on

our home my husband and I aren't getting

any younger and my kids are entering the

phase of braces cars and college should

we sell the other property to pay down

our mortgage and shorten the term if yes

should we try to sell it now a month

amidst all of this current turmoil or do

we take a little time to wait until

things calm down well here's the reality

you know this is this is tough Jenny but

I like the fact that you have a

identified for stress and B you and your

husband have began to brainstorm and

kick around solutions I do feel that you

guys are in agreement that you're not

using this going to use this investment

property as once intended so guess what

then it means it can go away so I would

definitely look at selling it I would

get connected with a real estate ELP I

want to find out comparables on this

property

what means others like it that that have

sold or ought listed I want to know what

they sold for or what the going price is

for and you can start that conversation

I would also begin to reach out to your

current bank to look at what a refinance

would look like again and so you know

this is the time to be making those

decisions I don't necessarily want you

to feel panicked what I am I'm AM I'm

okay with you feeling the pressure but

you're not panicked okay and so meaning

you've got you've got a plan you guys

have walked through this

and so that's exactly what I would do

I'd start to get a feel for this and

gonna be aware and again it's being just

intentional it's being very intentional

in the steps that you're taking the plan

that you're following and I appreciate

you reaching out thank you very very

much but oh and the other side of that

would be once you hear back from the

real estate agent about the comparables

and what things are doing then you guys

can decide hey do we list it now to see

what can happen because there are people

that are still looking to buy land as

well as homes or do you decide to wait

if you don't get the price at the offer

that you want you can always pull it off

the market and wait and relist it a week

or two later so it puts you in the

driver's seat you all being very

intentional and just slow down and be

very clear about the steps you're going

to take next thank you for reaching out