To sell or not to sell?
Hey Guys, I am new here but in short I manage a few rentals for my father. He acquired them about 20 months ago to help diversify his retirement portfolio. Things have been going well with them, great tenants, solid rents, and the market has appreciated more than expected. He is getting closer to retirement and given the outlook of the current market, we are trying to see if in the next few months if it is the time to sell or not. Originally the goal was to hold long term but given the appreciation selling might be a better option. We are afraid that the market could see some depreciation over the next year or two. Not to the extent of WA, CO or CA might experience but perhaps a small decrease or period of stagnation. Right now they each have a mortgage and getting rid of those and paying all cash for some Midwest properties would generate a better cash-flow and take away the worry of having multiple mortgages at his age.
Does anyone have any thoughts on the Phoenix market for the next 12 to 36 months? Obviously no one has a crystal ball but a lot of people on here are more knowledgeable that us at this subject. I would appreciate any incite on the subject. If it helps there are three houses, current market values are roughly $255k, $280k, and $290k. All are in the northwest valley around Lake Pleasant rd and Happy Valley rd.