I mentioned that I was selling a duplex I own. It closed a couple weeks ago. I am a very happy girl.
There were a few reasons that I sold it. Partly, I wanted to simplify my life. Partly, the market was good – and so, if I ever intended to sell it – now seemed like a good time. The final reason, and the one that tipped the scale, was the new rules the City of Portland and the State of Oregon have put in place.
I have taken numerous classes to be sure I am abiding by all the rules and so I have a sense of how it will affect buyers and sellers going forward. It has become so complicated and onerous that I was concerned I would not be able to comply and would be leaving myself open to lawsuits/repercussions. I have always managed my own rentals, and I am not sure I feel comfortable doing that in the future.
Here is what I know for sure: if you own a rental, you need to educate yourself OR be sure you have it managed by a professional. If you are considering selling a rental, you need to talk to a realtor, and probably an attorney, well in advance so you know how you should proceed.
Do you find yourself in that situation? Or, considering selling a rental? Call me or email me, and let’s discuss your options and responsibilities.