Should I Rent or Sell My Property? 3 Questions You Must Ask Yourself First! | Nexus Property Management® Franchise

 

Sell Now Or Collect Rent Ongoing? 

 

Well, here we have one of the most elusive questions known to investors around the world; should I rent my property or just sell it? There is no one who can answer that question truthfully other than you the property owner. Reason being every situation is different and will have its own outcomes compared to everyone else. Before you make that decision you want to ask yourself these 3 important questions:

 

 

What is my goal?

 

So, what is it? What’s your end of the road goal with this property? To help you answer this question we will cite an example from our VP of Franchise Sales, Gregory J. Rice. Greg was just 24 when he purchased his first investment property. He put just 3.5% down, and was able to start collecting rental income while working full time at Nexus™. This rental income provided a supplemental stream of income while offering a wide variety of yearly tax incentives to claim. The advantage to Greg was that he put down such a small amount of money, and would be yielding that money back within a few short months. For the rest of his life he would be able to collect monthly rent profits, and claim deductions at the end of the year. The goal was long term for Greg, and consisted of improving his family’s lifestyle while being able to save for the next property. How does your situation compare to Greg’s? Did you buy the property at a good price, or did you pay too much and are not making a monthly profit?

 

 

How much time does it cost me?

 

Shark Tank investor Daymond John said it best when he said “The 2 most important things in life are information and time.” With that said, what would you say about how much time the property costs you on a daily basis? Are you constantly driving there before and after work to fix maintenance issues, deal with tenant problems, shovel snow, meet with insurance inspectors, or even show apartments to potential renters? Is this effecting your quality of life, free time, and family/friend relationships? If you are doing all of the property management chances are you are neglecting another important facet of your life. It’s up to you to look inside yourself and honestly assess who or what is getting the short end of the stick based on your property’s needs. If nothing is being neglected than it’s safe to say it hasn’t consumed you just yet ;-). If it is consuming your lifestyle, but you are not quite ready to sell it you should considering hiring a professional property manager like Nexus™. Our goal is to handle all of the day to day operations with your input. The benefit to you is that your input can be given from wherever you are in the world with the click of a button!

 

Is this your future, or did it just happen to be this way?

 

You’ve probably heard the term ‘accidental landlord’ before, right? It’s definitely a common scenario that we see on a daily basis. Whether from a death, divorce, or needing a tax shelter, there are many ways people become landlords. So, you need to ask yourself, do I want this for myself (and my family) or is it just a pain in the butt that I don’t  want to deal with? Most property owners did not grow up with their property, and have the luxury of learning each and every facet of the business. Chances are it just happened very quickly, and without the proper education/experience to match. With that said we ask you to consider if the property management business is one you enjoy learning from and achieving successes from, or if it’s more of a hassle than it is a pleasure. Once you have the answer you will know that to do!

 

 

Gregory Rice is the Vice President of franchise sales for Nexus Property Management®.  

Nexus Property Management® is a National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.

 

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