Rental properties can be a great source of extra income, but they definitely come with a lot of extra work and responsibility.
From finding and managing tenants to paying for repairs and snow removal, owning a rental property in Michigan can sometimes end up being more trouble than it’s worth – especially if your tenants aren’t respecting the property.
So, how do you know when it’s time to sell your rental property?
With years of experience in the Metro Detroit real estate market, Mitten Made Properties can help you decide by considering the following factors.
Is the Property Fully Depreciated?
Depreciation allows you to deduct home improvement expenses, which can sometimes pay off at tax time. But it’s not infinite. Once the depreciation limit is exhausted, it might be a good time to sell the house.
Do You Have Substantial Equity?
More equity means more money in your pocket when you sell. You could then turn that cash into more lucrative investments.
Do You Have Negative Cash Flow?
Losing money every month on your rental property is probably the single best reason to sell quickly. Rental homes should be making you money… not costing you money.
Is the House Outdated or in Disrepair?
At some point, repairing or even just maintaining a rental property can become too expensive and time-consuming. If that’s the case, consider selling to a professional home buyer like Mitten Made Properties. We can buy your rental property for cash as-is, whatever condition it’s in, and handle all the repairs, paint, and cleaning – we’ll even deal with your tenants.
Give us a call at (248) 883-3340 to learn more.