Should I sell my home?

Should I sell my home?

Member since 2020 · 14 posts · 0 votes

I'm a real estate broker in Saint Louis, MO and I worked as a property manager for 10+ years. I recently lost my full time property management job right before the Coronavirus outbreak. Luckily my wife works for the government and has stability with her job (and income). I sell property for additional income but planned to acquire multifamily property (using the BRRR method). My wife recently noticed some cracks in various parts of our home and believe that it may be a possible foundation issue. Eventhough its not confirmed that there are any existing foundation issues, she's very set on the urge that we should sell our home asap. We've owned the property for less than a year. The property was completely renovated and epoxy was added to the basement during the renovation. The property was inspected before purchase and no made structural items were discovered. As a broker, I believe that the local market may take a hit (due to the increased rate of unemployment). However, I also understand that he market will rebound at some point. I still plan to actively focus on my acquisition of multifamily investments but I'm still struggling with the plan to sell my personal home. Should I wait it out? Should I sell before the market takes a hit or should I look into finding out more about the cracks around the house? This situation is difficult for me because it occurred while I was in the process of getting my reserve funds in order and working to obtain private money to invest in multifamily properties. If we sell the property? My family will most likely have to downsize because we have very limited reserve funds and I have very little income. Any advice from anyone?

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  • Real Estate Agent · Charleston, SC · Member since 2020 · 28 posts · 7 votes
    6y

    I would be surprised if structural issues started appearing less than a year after inspection. But for peace of mind you could get it inspected again to make sure nothing happened to the foundation during the renovation. Then you could make the decision on what to do moving forward, since it sounds like you don't want to move - and I don't blame you, now would be a difficult time to worry about selling a personal home while dealing with everything else! 

  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    Jumping ship on a home purchase after less than a year, with no profit expectancy driving the decision, makes no sense. If the cracks in the foundation are what is driving the move then you need to get that explored before doing anything. If you are licensed, you will likely need a seller's disclosure and will need to fix or note the cracks so better you find out it's nothing or something. But either way, I still don't get why you are selling in less than a year. My best investments over 30 years were on home buys for myself which appreciated 2-3x over five years.

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