It seems to be another busy week here for me and due to that, I have been negligent with my posting. Between preparing a rental property for sale, the kids out for spring break and half a dozen other projects currently on the go, I’ve been starting many things, I just not been able to get anything completed. So what better time to add a new project to the list?
As I mentioned earlier, we are busy preparing one of our rental properties for sale right now. The mortgage is coming due in a few months so it’s the opportune time right now so I can avoid some of those nasty payout penalties! I’ve been over there numerous times already moving old furniture out, prepping walls and painting already, but today as I was changing out some electrical plugs it hit me (not the plug, but a brainstorm).
Why wasn’t I recording some of these simple tactics we use to help make properties sell faster for you to see? There are easily dozens of techniques we use when we sell a property that many new investors simply aren’t aware of, some techniques even seasoned investors would be fascinated to learn.
So over the next few weeks I will be journaling some of these tactics for the blog. I will also be taking advantage of some of the video work I can do to record some steps that should make it easier to follow and understand. The big question for you would be, “Do you want to learn how to sell your rental property?”
You may be planning on hanging onto your property for many more years or you may want to take advantage of the next little mini boom that is most likely to occur over the next few years, but at some point, you will be selling, so why not learn some tips! If you have any specific questions you may want answered about selling a property, this will also be a great opportunity for you to send them in to me as well.
The property that I’m selling is half of a duplex over in Bowness. We are listing it next week for $259,700 (we sold the other half last spring for just over $264k). The upper unit is a fantastic looking unit in far better shape than the other side. The lower unit however has been operated as a shared accommodation since before we owned it and had three furnished rooms that were rented out either weekly or monthly.
The lower unit is definitely not in as good a condition as the opposite side, but it creates so much cash flow it makes your mind spin. We only have the one room occupied right now and are emptying the biggest room to clean it up (the tenant who was in there just left after we inherited him in 2004, it definitely needed refreshing). With this setup, it was easy to generate over $1,500 out of the basement alone per month, so you can see why we held onto it so long.
It’s going to be our case study for this little project and I am sure most of you will learn a few things. I cannot make any promises on how often I will be able to post or get information up on it, so all I can ask is some patience as I move along. In the meantime, I’m really looking forward to any feedback you may have!
I’m looking forward to your ideas. I always enjoy your posts. Thanks.
Looking forward to your posts Bill. I have enjoyed all of them so far. Thanks.
Hey Bill, I’m looking forward to your next posts too, very interesting as always.
And I’ll appreciate some explanation of the “to take advantage of the next little mini boom that is most likely to occur over the next few years”, because if you sell the property right now you are selling cheaper than the higher price is going to have in a few years, and that’s without mentioning loosing all the cash flow of next 2 or 3 years.
Hi Bill,
It’s always a good learning opportunity when we have other experienced investors sharing their knowledge and ideas.
I am not sure where do you find all the time to do so many things. I am coming out of hibernation or maybe I’m just getting old myself?
Thanks again and keep up the great work.
Great to hear Tyrone, I think this is going to be fun!
Bill
Glad you are enjoying them Theode.
Bill
Hey Daniel,
I’m pretty confident the markets are going to be pretty positive over the next three to five years. Now we are not talking double digit growth, but I would expect 5-8% growth over the next couple of years just due to the pressure on the rental and housing markets as we see the job markets surge here.
This particular property is on the opposite side of the city from me and with the shared accommodations setup takes a ton of my time. Every trip there eats up two hours of my day and I can make some pretty good money with some of my other ventures in two hours.
We bought the property in 2004, so I’ve made a little money off of it, so time to share with someone else now and for me to move forward. At this point in our Real Estate investing, I would rather leave early and use my extra time to focus on other activities, like writing all these posts!!!
Regards,
Bill
Thanks Alex, this site has always been a fun way for me to share my experiences and to help others move forward with their learning. By being able to break down what is happening out there and teaching other investors new ideas and tactics it just strengthens my knowledge at the same time.
Bill
Hey Bill, it is always good if you can work less time and still do good money, then is good to sell that property (or may be just hire somebody close to manage it for you). Regards Daniel.