It always starts out with the landlord-angry-frustrated-pissed off-incredulous-beside themselves after they have sat down with their accountant or CPA and gotten the news about how much in taxes they have to pay on their total income for the past year. They’re heads are about to explode like a Super Nova.
Finally the question gets asked to me,”Should I keep renting this house or sell it?”
It’s at this point that the serious, logical dialogue starts and it usually covers the full gamut of financial calculations, emotional reasons for each action plan, and finally a projection of the results for each.
Ultimately, each landlord has to make that decision themselves. But assembling the critical data to make an informed decision is paramount, lest you make the wrong one and regret it for not just next tax year, but long into retirement and your financial freedom.
Here’s a well written short article about some of the more up front topics to consider for each action plan. Of course, each situation is different and this article just scratches the surface of the issues.
Enjoy the article and feel free to call or email or text me if you start hyperventilating. I’ll talk you off the ledge.
Here’s to your continued pursuit of your Financial Freedom!