Is this the perfect time to sell?

Question

I’ve been considering to sell my owner occupied multi-family for quite sometime now. The rent roll has been great so far and I am enjoying the rental income which was my goal in the first place. In almost five years of my land-lording experience I have noticed every tenant is unique and each tenant poses a unique set of challenges and it overwhelms me. Considering we are in a sellers market is this the best time to sell home, are there going to be any challenges selling during this pandemic? Appreciate your inputs.

Thanks

Peter Morgan · Answer

@AJ H.

Thanks for responding back and all great questions.

Being a single earner with a family the initial goal was to stay rent free with this house hacking model and it worked fine for me financially.

I always felt staying owner occupied would help better the manage property without having to rely on a property manager, but I think it has its own set of challenges as a live in landlord.

Now I am considering investing in an appreciating market perhaps a single family where I can live with my family happily ever after :-) without having to deal with any tenants and fortunately the multi family home has now appreciated substantially so I am considering investing the gains either in stock market index funds or will consider long distance real estate

investing where I don’t have to directly deal with tenants.

Aaron W. · Answer

@Peter Morgan That is great you have an owner-occupied multifamily!

The decision to sell will depend on what your goals are. Will selling advance toward your goals? What would you do with the proceeds? Have you considered refinancing and taking the equity to purchase more properties?