When to sell a rental home
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
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