The housing crisis has put thousands of former homeowners out of their homes and into the rental market – causing rents to rise. So you're probably collecting more from your multifamily property than you were just a few years ago.
If that's the case, why would you sell?
If you're in it for the long haul and intend to keep your rental properties for another ten or twenty years, then you probably don't want to sell.
But if you…
- Are getting tired of dealing with tenants
- Need to borrow money to invest in repairs
- Have high payments because of an old loan with a high interest rate
- Want to get out of the rental business and into retirement in just a couple of years
…then now is the prime time to sell.
Right now investors are highly motivated to buy. The higher rents and lower interest rates mean bigger profits, and they want in. But that could change overnight. The rents will probably stay high for several more years, but those low interest rates hinge on the whims of those in government - so they could be gone tomorrow.
So if you're thinking of selling in the near future, don't wait.
If your deciding factor is the price you could get for your multifamily property, call me. I'll be glad to sit down with you, go over your numbers, and let you know what you might expect. The best decisions are made when you have all the facts.
P.S. If you'd like to know what other multifamily properties have been selling for, get in touch. I'll be happy to show you.