Most people buy a rental property because they are looking to make money. Even if things start out this way, you never know how your life and vision is going to change in the future. There may come a time when you want to sell a rental property because it is becoming too much for you to handle.
Here are three times when selling a rental property makes sense:
1. You no longer have the time. Keeping up with a rental property is a lot of work. You have to keep tenants happy, maintain the property, and collect rent payments. Do you have the time for all of this and much more?
2. The money you are making is not more than what you are spending. In other words, you are not making a profit. Not every rental property is going to be profitable. And even if your property is making money right now, this can change in the future. Positive cash flow is a must in the rental property industry.
3. You don?t have the patience. One of the greatest skills you need as a landlord/property manager is patience. Are you willing to deal with tenants that don?t care? How will you deal with late payments? If you are ?burnt out? on the rental property game it is time to get out.