Is it time to bite the bullet and sell your rental property?
From managing tenants to paying for repairs, owning a rental property can sometimes end up being more work than it’s worth (especially if your tenants aren’t respecting the property).
But selling the property is so final…
Is it really time to sell your rental property?
Well, we’ve worked in the Philadelphia real estate market for quite a while.
Here are a few signs that it’s time to sell your rental property…
The Property is Fully Depreciated — Depreciation allows you to deduct improvement expenses on the home. But it’s not infinite. Once this is exhausted, it might be a good time to sell the house.
You Have Substantial Equity — More equity means more money in your pocket when you sell. You could then turn that cash into other better investments.
You Have Negative Cashflow — Losing money every month on your rental property is probably the single best reason to sell quickly. Rental homes should be making you money… not costing you money.
The House is Outdated Or in Disrepair — At some point, repairing or updating a rental property can become too expensive and time-consuming. If that’s the case, consider selling to a professional home buyer like us over at Vivid Properties!
By the way, at Vivid Properties, we can purchase your rental property as-is for cash and close in just a couple of weeks. Give us a call at (267) 900-3307 to learn more!