MY COLIVING STRATEGY NOW ON THE BACK BURNING

[Colette Major]

 IN 6/ 2021 BOUGHT 4/3 GREAT HOUSE, WANTED TO TRY COLIVING FOR FUN AND PROFIT. WELL, I PANICKED WHEN  GOT A NICE OFFER WITH  800$ ISH CASH FLOW. NOW 2 YEARS LATER, I HAVE A PUBLIC STORAGE FULL OF BRAND NEW FURNISHINGS AND HOUSEHOLD GOODS, PAYING 200/MO. WHAT SHOULD I DO WITH THIS FURNITURE? A. FIND A SHORT TERM PROP TO BUY. B. SELL THE FURNITURE AT A DISCOUNT. C. JUST WAIT FOR THE RIGHT DEAL, D. ANYONE OUT THERE WANNA BUY IT? OR E. CHALK IT UP TO AN EXPENSE COLUMN?  

[Allen Duan]

First, please press that caps lock key then continue typing =)

This is really a business decision for you that depends on many factors. Do you plan to get a new property soon which you want to furnish? If so, how long do you want to pay for storage until that property is ready to move in? If you have no plans in the next few years to buy and furnish a property, there's no reason to keep the furniture and you should sell it. We had a similar experience where we had to put 13 apartments worth of furniture in storage and we decided it was worth it since we we're aggressively looking for properties for rental arbitrage. In about a year we moved most of the furniture into new properties, making the storage expense worthwhile for us. 

That's another option for you, rental arbitrage since you already have furniture.