Beginning to unwind (Retirement)

[Account Closed]

After 40 years or so, it is time to let the rentals go .. 

Have collected rentals over my working life and managed them myself( since retiring 20+ years ago), and am finding it more and more difficult to keep up with the maintenance, management, and tenant selection process as the body is not as agile as it once was and either is my patience. 

Time to accept that the knees and body are shot and retire to my wood shop and VR headset.

Sold my first one last year to the current tenant without a broker on either side and it worked out well for each of us.

My second one is up for sale now, tenant wasn't interested.

Tried a broker and that was not a great experience, he listed it on MLS and never once did a showing or visited it after the initial contact, I had to meet all appointments and do the walk throughs and sales pitch.

So I figured why do I need him if I have to do the work and let them go, read fired, and am listing it on one of the discount MLS services. I will continue to show it myself and try to cut out the lister broker fee.

Will still pay the buyers broker fee, but saving a couple of percent helps offset some of the  prep costs. 

Did a full paint inside and out and putting on a new roof in prep for sale for this one. Most of the outside work was contracted out, sigh.. getting too old for the ladder work.

Was wondering what others are doing in this situation to minimize the unwind costs .. 

[Mike Dymski]

If the price is right, in this market, the right agent would have buyers lined up and properties sold on the drive home from meeting with you.

If you want to avoid the tax man, you can seller finance / installment sale.

A commercial broker could sell the whole portfolio (with seller financing also as an option).

Keep the portfolio and turn it over to a property management firm.

Just a heads up - your buyers are going to raise rents - they have to if they are going to pay full market value.

Congrats and good luck!