should i sell my duplexes?

Question

hi

3 years a ago i purchased a 15 acre mixed use property in disrepaire.

it consists of 55 mobile home/RV lots

3 duplexes

a  3 bedroom house

a  2 bedroom house

a store

a shop

a lundery mat

when i bought the property in was really really poor shape.   My wife and i have worked hard.  It is now in poor shape.

I am considering selling the duplexes.  I think i could retire our debt and have a chunk left over.

With the leftover i think i can fix the septic,  fix the worst of the remaining  eyesores and add about 20 rv spots.

The county will let me add the spots.  I  have no idea how much 20 spots would cost to install.

Pros...

no debt

cheaper insurance

someone else can maintain them.

Cons...

i lose a chunk of income

my park is smaller

It seems like a no brainer but i would like to here your thoughts

thx  Russ

Mason Weiss · Answer

It sounds like you are already leaning towards selling the duplexes so you can retire and have cash on hand. If this is the biggest positive potential change for your life then I would do it. At some point you buy and fix up real estate to eventually sell it and live the life you desire.

One piece I would make sure to consider is the current condition and rents for the duplexes before you put them on the market. This will help you secure the highest market value for the properties.

Jaron Walling · Answer

@Beth Chambers What is the strategy here? What are you're long term goals with REI? Owning a campground or renting houses?

Sounds like a mix of opportunities provided you fix it up better than "poor" condition. I'd think you have snow bird traffic and retires looking for prime places to stay during the winter but that's very location dependent. It's tourism strategy. If so I'd lean on that and maximize the piece that creates the best ROI. Sell or demo everything that doesn't align with your goals.