Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 10 years ago,
Properties I've sold and why. Please add yours. Exclude flips
I wrote this up as a post on J Martin's thread NEVER sell any RE in your Life, and Get Rich!?!, but I decided it warranted a thread of its own. Please share your reasoning and regret/no regret of your property sales.
Besides the outright flips, I've sold five properties. I'm in the process of selling two more. Here is my reasoning and my regrets or lack thereof.
1) A weekly rental in Florida- Used this occasionally until I got married- wife didn't like it and I was losing money on it so I sold it for an overall small profit. 18 months later it was worth 60% more then dropped to below what I paid for it in 1999. (still no regrets selling it)
2) My personal residence outside Cambrige UK. Sold it in one day and made a nice profit. I literally did the Toyota Jump when I sold it. Property was worth another 100,000 pounds a few years later. I regret selling this one because I could have rented it out and I knew a fairly good PM.
3) Sold personal residence in Northern VA. Sold it in 17 days for a nice profit. Worth more now but not substantially so. I needed the money to buy my personal residence in Atlanta. (No regrets).
4) Sold my wife's personal residence in RI (we lived apart for a few years and I commuted to her place on the weekends.) Made a real nice profit on it because I took advantage of an overheated RE market. Currently worth substantially less than what I sold it for 10 years ago. (No Regrets)
5) Sold a real dog of a rental ATL area. I called this the house that will not be named (ala Harry Potter's villian) because it had so many problems. Worst house I've ever bought. However I bought right and still made a profit on it. (NO REGRETS!)
6) Selling a ATL area TH rental because the HOA decided to enforce a no rent covenant. Will make a nice profit but greatly regret having to sell it but no choice. (huge regret but can't keep it)
7) Selling some land on the Finger Lakes, NY. Got it for a good price, but had trouble building on it. Long story. I'm putting it on the market today. Should (I hope) profit nicely on it. (some regret since I would rather have built on it and ran a weekly rental there.)
My inclination is to keep properties as @J. Martin advocates, but sometimes I'm forced to sell and sometimes it makes sense to sell or I'm forced to sell. I do have a couple of other dog rental properties I want to dump, but they are so far under water I can't sell without taking a loss.