EP223 Is It Time To Sell Your Rental Properties? Roundtable Discussion with Ben Blake, Jeremy Schumann and Justin Workman
Back in the pre-covid-19 days when people could actually sit together in the same room, a group of rental property owners met to answer one simple question: "When is it time to sell your rental property?" Even though the world has changed considerably since then, the answers they came up with still hold true today.
Let’s say you’ve acquired a decent sized portfolio of rental properties, they’re cash flowing, well-managed, and achieve your goals of long-term wealth. But maybe the cash flow you’re receiving isn’t enough to allow you to quit your job, or retire early, or pay for that cruise ship vacation. However, there is enough equity in your portfolio to sell for a substantial profit.
Is it time to sell and take your chips off the table? Or are you better served to stay on the ‘buy & hold’ path that you set out on so long ago?
Many investors are faced with this very question, and I have two of them in the studio with me today. Plus, I have a very special guest who’s going to help us talk through this very important decision-making process.
My first guest is Ben Blake, and when he was last on the show, episode #149, he discussed his 12-unit Grand Rapids portfolio, and why he decided to take over the management himself. Ben recently sold his entire portfolio, and today we’re going to learn why.
Also in the studio is Jeremy Schumann, who owns a 13-unit portfolio here in Grand Rapids, Michigan. Jeremy is currently trying to decide whether he should hold or sell, and we’ll be talking through that decision with him.
And friend of the show, Justin Workman, is joining us as well. Justin always lends a mathematical and informed perspective on these types of decisions, and I’m sure he’ll balance out any opinions I might have as the four of us go through the different thought processes and cashflow and appreciation calculations a rental owner must consider before selling their investment property.
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