Should I sell or keep renting my house in Atlanta amid COVID?

Should I sell or keep renting my house in Atlanta amid COVID?

Investor · Atlanta, GA · Member since 2010 · 186 posts · 14 votes

I was contemplating to selling one of my investment properties in neighboring Atlanta when it became vacant after eviction. Then, Covid-19 pandemic started.  Since then, I was debating whether I should go ahead, do a "market-ready" repair and sell it or wait out, i.e. (rent-ready repair and find a tenant) during this uncertain time.  

The thing is there does not seem to be much sign of impact on the Atlanta housing market yet: average home prices or days on market.  My agent even told me that the Corona virus has not stopped the sale of houses in this price range ($150,000). Inventory of available houses to sell is still low and there are still buyers are out there wanting to take advantage of the low interest rates.  Yet, I hesitate to pull a trigger and put it on the market for sale in the mist of such unprecedented time.

At the same time, I am wary of keeping it for rental as well as many renters are among those who have lost their job due to the virus and are not currently paying rent and do not know how hard to find a new tenant during this uncertainty. 

My motivation to sell it is that I would eventually want to get out of the rental business by selling my properties with a profit as I figure I do not make as much money as I expected with all repairs and tenant-turnover costs.
 

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  • Rental Property Investor · Woodstock, GA · Member since 2017 · 517 posts · 772 votes
    6y

    If you want to get out of the rental business...then you have your answer :)

    Sell now while the market is still hot, lick your wounds, take your cash and start over with something else!

  • Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    6y

    @Naga A., seems pretty straight forward to me. You want to sell and houses in your area are selling well...so sell and be done with the whole thing. The longer you wait the more you're asking for the market to shift on you.

  • Real Estate Agent · Atlanta, GA · Member since 2014 · 683 posts · 317 votes
    6y


    Originally posted by @Naga A.:

    I was contemplating to selling one of my investment properties in neighboring Atlanta when it became vacant after eviction. Then, Covid-19 pandemic started.  Since then, I was debating whether I should go ahead, do a "market-ready" repair and sell it or wait out, i.e. (rent-ready repair and find a tenant) during this uncertain time.  

    The thing is there does not seem to be much sign of impact on the Atlanta housing market yet: average home prices or days on market.  My agent even told me that the Corona virus has not stopped the sale of houses in this price range ($150,000). Inventory of available houses to sell is still low and there are still buyers are out there wanting to take advantage of the low interest rates.  Yet, I hesitate to pull a trigger and put it on the market for sale in the mist of such unprecedented time.

    At the same time, I am wary of keeping it for rental as well as many renters are among those who have lost their job due to the virus and are not currently paying rent and do not know how hard to find a new tenant during this uncertainty. 

    My motivation to sell it is that I would eventually want to get out of the rental business by selling my properties with a profit as I figure I do not make as much money as I expected with all repairs and tenant-turnover costs.

     Do you mind I asking where is your property? I'm always looking for property under 200K. Also I don't see the sales slow down. One of the property I looked at a week ago in Kennesaw got 39 offers!

  • Investor · Atlanta, GA · Member since 2013 · 646 posts · 392 votes
    6y

    Hi @Naga A.

    Generally speaking Atlanta has strong fundamentals. However, if your objective is to get out of rental then its best to package your portfolio and cash out. There are lot of investors who are looking for portfolio deal. 

    What part of Atlanta are your properties located in? 

    Anyways good luck 

  • Investor · LA - Honolulu - Reno - Atlanta - Melbourne (Australia) · Member since 2020 · 35 posts · 11 votes
    6y

    @Jingru Sui and @Naga A,

    Same here. I would love to know about your property for sale.

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