Do you need to sell your investment property in Philadelphia? In our latest post, we offer ways to know it’s time to sell as well as the options available to you!
While owning real estate is one of the best ways to generate extra income, not every property is going to be profitable. Many investors hold on to properties far longer than they should, completely negating any profits they had made in the past. If your investment property isn’t performing as you would like to, maybe it’s time you consider selling it for something else! Keep reading to learn more about our 4 signs its time to sell your investment property in Philadelphia.
Negative Cash Flow
Investment properties will always have their ups and downs. It’s part of being a landlord. Look for patterns. If this is a regular occurrence, it might be best to hold on through the slow period. But if you are consistently seeing negative cash flow or if you are having trouble retaining high-quality tenants, it might be best to cut your losses and walk away. Nowhere does it say that you need to hold on to your rental property forever. There are better investments out there, and using the cash from your underperforming rental is a great way to change your situation.
Difficulties In Distance
Being a remote landlord can work for some people. But in some cases, paying a property manager can be expensive and handling things on your own can be next to impossible. Property showings, tenant screenings, checking on the property, and building a relationship with your tenants can be difficult when you aren’t located nearby. Only in some situations are a landlord and tenant able to live far away without the use of a property manager. Many times, these relationships are possible because the landlord and the tenant knew each other previously or through a friend.
The Value Has Jumped Significantly
If you are able to resell the house for a substantial profit, it might be in your best interest to do so. While you could be collecting rent each month, slowly profiting over time, there aren’t any guarantees you will be able to retain high-quality tenants for the long-term. You may run into vacancy issues, the rent prices in your area may fall, and the overall value may drop before you decide to resell down the road. If you have the opportunity to resell the property at a significant profit, it is something you will definitely want to consider.
Maintenance Costs Are Rising
As the house gets older, it will likely cost more to maintain it. As you see your profits diminish and your repair bills grow, you need to ask yourself if this pattern will continue. Having to fix one thing after another can be extremely costly and frustrating. Not only can the maintenance get expensive, but the time and stress caused can be overwhelming for Philadelphia investment property owners. Your investment should be a sense of pride and generate income for you and your family. Property in any other state may be more trouble than its worth and a great candidate for a resell.
These tell-tale signs can indicate that it might be a good time to jump ship and liquidate your Philly Investment Property before it’s too late. A lot of times, we will see sellers hold onto properties for far too long and then they end up being stuck with them for years to come. The bills can start to pile up and the owners of the homes will start to fabricate reasons why they held onto it in an attempt to justify their decision, when really deep down they know that they should have sold it much sooner instead of waiting around for the crap to hit the fan.
Don’t wait until it’s too late! Get a free quote on your Philadelphia Investment Property in 7 – 10 days or less by calling or texting our sales staff directly at (215) 882-9828 to receive a risk-free, no obligation, fair cash offer on your property right now. Our local home buying company Rapid Home Liquidation works closely with real estate investors who need a fast outlet for selling their home, so please click on the live chat box to get a fair cash offer right away.
Do you own an investment property in the Philadelphia area that you wish to sell? Let’s work together to run the numbers! Find out if you should keep the property, sell it directly, or hire an agent to help you! You have options when selling your Philadelphia investment property, and we are here to help!