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Updated over 1 year ago,
Strategy to sell rental property quickly
I had listed my rental property in Beaverton, OR on Jul 22, 2023. It was my primary home converted to rental about 5 years ago. Plan is to sell and use 1031 exchange and invest in single or multi family in other cash flowing properties.
I think it was listed at the top end of the market and when interest rates rose in August my agent didn’t react and reduce price. I did the math and ran numbers - using 1031 exchange and the 2x rule, my overall cash flow will be atleast double (since the house is almost paid off). It’s been 2 months now and still not sold- what should I do?
1) use whole seller at a substantial lower price but guaranteed to get cash out quickly
2) rent house again in a one year lease and use a second mortgage to take out equity on the house
3) find a different agent who is willing to be more aggressive to get an offer ASAP
any thoughts or ideas would be appreciated.
Suddha