Have an Exit Plan in place

[Jobie DeVinney-Walsh]

My Entrepreneurship professors stressed “Have an exit plan.” That really stuck with me…and I did. But I failed to “work it.”

My husband and I had three rental units in Charleston, WV. Our exit plan – when we were ready to kick back and relax, we would sell them. Sounds reasonable and simple– right? Wrong.

A year ago we put the properties in the hands of a realtor. We thought they would handle everything and the properties would soon be sold.

My husband passed away in May. That’s when I discovered the flaws in our plan.

Contracting with a realtor was our first mistake: no matter how good the realtor is, they are in the business if selling homes to be primary residence, not as investment properties. And that group tend not to be interested in property that has been rented.

So, since I am a marketer (retired) I have decided that I would handle marketing the properties on my own. That’s when I found my next, and biggest mistake.

I’m 4 hours away from the property. So, if I successful and get interested buyers, who’s going to show the property, if needed? Who’s going to handle the closing, etc? Who’s a good attorney in the area to do that? I don’t have a clue.

I’ve spent the last few years just surfing the Forums on Bigger Pockets, when I had time. If I had that spent time using this platform to make connections and being more engaged, I probably would have people I could ask for advice.

Lesson to pass along – no matter how old or young you are, plan an exit strategy that includes building a network of knowledgeable folks. Because, trust me, when you are dealing with a loss – whether it is a spouse or partner or your health – you definitely need people who will take your hand and help you through it.