I’m Selling My Rental Property… :(
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- Опубліковано 28 чер 2024
- In todays video I talk about why I am going to sell my rental property and how much money I will make from it.
Instagram: / josh_olfert
Twitter: / josholfert
Haven Wealth Management: www.havenwealthmgmt.com/
Josh Olfert is a professional CFP financial advisor and the Founder of Haven Wealth Management investment fund based out of Winnipeg Canada. Through this channel Josh shares his knowledge of wealth accumulation and personal investing to the world, in an effort to improve financial literacy and help everyone achieve their financial goals.
All numbers and figures discussed in this video are purely for illustrative purposes and are not to be taken as financial advice.
Helpful as always!
My man!
Heh, I just sold my rental too! Similar reasons, older house, real estate boomed ~14% in 6 months in my city, 3-4 interest rate hikes next year, can use the money better elsewhere.
Good luck with the sale!
Thanks Hans! Hoping we can get out alive lol!
maybe now we can afford an espresso machine 🤩
Great video Josh. Love to hear more about your use of margin in the current market. Though I don’t remember you mentioning if you actually have the $10k to fix up the property??
Yeah, absolutely! I’ll probably just use a line of credit for the 2 months its being fixed up and sold. That’ll probably cost me $50-$60 in interest but then I don’t have to take money out of other investments. Once I get the $100K in cash I can effectively buy *up-to* $333,333 in stocks. However I wouldn’t do this haphazardly. There would be a ton of strategic thought and research as to how to enter the market and with how much risk I’m willing to take.
@@JoshOlfertCFP awesome! Looking forward to videos about it!
Wouldn’t A property manager alleviate most of your problems? Also, I know it may be more lucrative but do you really want that much of your net worth tided up in the stock market? There could just as easily be a stock market correction in the near future. You mentioned that you were already fairly risky, so why should you sell off your “safe assets” just to be exposed to even more risk? I just feel like you should be a little more diversified.
But you are a CFP and I’m just a dumb college student so I’m sure you know what your doing lol. As a viewer these are just some of the questions that come to mind. It would be cool if you did a follow up video once you officially sold the property and dive deep into the numbers and maybe help answer some of my questions above.
Property managers would significantly cut into the net income as you would pay a monthly fee. Since it is a duplex it probably is not worth it considering his mortgage payment, property taxes, insurance, and maintenance.
Hey Adrian!
Great questions. A property manager would totally help all of this but I would need more scale (many more properties or units) for that to be optimal. I personally wouldn’t consider this less risky than the stock market because any losses impact me much more personally.
I’m just looking to free up more time! To me free time and peace of mind is the ultimate wealth. And the returns on investment aren’t meaningful enough anymore for the stress 😂
Property management only wants to charge you and do as little as possible
I've had 3 rental properties in my life, and never again. I will never again have another rental property. Never. If you want "rent," sell covered calls. If your covered calls are ITM, roll them. You can do almost anything with the stock market that you can do with real estate, and no tenants, no agents, no phone calls in the middle of the night (I'm not their mom, and they broke it, they can fix it), no inspectors, no loan paperwork, no escrow fees, no $300 notary (robbery, and the escrow company gets half of the fee). I hate real estate with a passion. Never again.
Hahahaha I’m so sorry I can hear the pain in your words 😂
Getting dizzy watching from too much moving