3 Signs It’s TIME TO SELL Your Rental Property

sell my home

Whether this was once your primary home or you inherited it after a relative passed away, having a rental property can come with numerous benefits. This does, however, depend on what the situation looks like. It’s possible to have a rental property that’s lucrative and easy to manage one year then find yourself with a money pit the next.

If it’s been years since you last saw positive earnings from your rental home, you should consider selling. A good real estate investment looks vastly different than a home with one too many repairs whose current dwellers are making them worse! In addition to not earning the money, you should be from monthly rent, putting money into the home could wind you in the negative.

So if you’re experiencing any of the following, consider selling your home sooner rather than later:

1. Your Rental Property’s Finances Are Always In the Negative

This reason alone should be why you act fast. A rental property should bring you consistent POSITIVE cash flow. When you’re consistently having to chase down the tenants or you find yourself forking out your own money to cover the needed repairs, this can’t be good. Monthly cash flow includes your income on the rental as well as the expenses. These two should leave you with positive income. If the rent isn’t consistently covering the additional expenses, this will hurt you. You might think a month or two of paying out-of-pocket expenses is okay but once you go past that, you will only be damaging your finances.  

2. It’s Located in a Less Than Desirable Area

El Paso’s real estate market is changing. It is one of the top cities to buy a home and yet there are areas that aren’t necessarily seeing those benefits. The reason? Unfortunately, with new development, potential buyers are flocking to areas with newly-built homes. Another possible reason your rental home isn’t seeing traction since the margin of renting vs. buying is so close, many are choosing to buy vs. rent. From a financial standpoint, even renters are looking for the best way to invest. This means finding a home that’s a)for sale and b)located in a new development area. Of course, this isn’t always the case but it may be for your rental property.    

3. Managing it Feels Like a Full-Time Job

The purpose of owning a rental property is to bring in additional income. If this isn’t your primary source of income but it feels like a full-time job, then something may be wrong. From receiving calls from the tenants while you’re at work to spending countless weekends making repairs, the time you devote to the rental property shouldn’t drastically overlap with your professional and personal life. Moreover, if it’s affecting your health in the sense that you’re stressed and consistently worries—this can’t be good.

Ready to Make a Positive Change?

If you’re ready to rid yourself of a rental property that’s no longer worth your time and effort, then consider selling it for cash. At El Paso Cash Home Buyers, we buy rental properties in any and all conditions. With the cash we give you for your property, you’ll be able to use it towards your own home or invest in something else for that matter. Our cash offers are competitive and we’ll even beat another competitor’s legitimate offer. Connect with us today to learn more!

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