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Updated over 5 years ago on . Most recent reply

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Trenton Doss
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14
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Should I sell my home?

Trenton Doss
Posted

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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