I recently had a investor client call saying they would need my services to help rent out their property in Vienna VA. This is a property they bought for $225,000 and is now worth $325,000. They are blessed to have been able to pay off the home and own it free and clear.
This client has called a few times over the past two years and asked about buying another property but even though they were able to pay off the existing rental, there is not much cash available now to purchase a new investment and for various reasons (mainly being that they recently purchased a principal residence with me) the numbers never seemed to work for that next investment. So when I heard that their long term tenant had left and they wanted to rent it again, I proposed they sell it instead and here is why.