On landing in Las Vegas I checked my email, and it's official: I sold one of the rental properties in Birmingham.
Originally purchased in 2006, I sold it for the same price I paid 9 years ago. I lived in the home for about two years when I worked at the software company, but began renting it in 2008. I tried to sell it in 2012, but the buyer talked me into doing a lease-purchase option instead. Three years later, the buyer decided to downsize and moved out. I listed it in March, worked with an agent friend for a few months, then switched agents. It's been under contract for a few months, as the buyer's financing has taken much longer than it should have to be finalized.
This is a bittersweet end, as I created some amazing memories here. But I also feel like a burden has been lifted. Being an absentee landlord is harder than I estimated. It's safe to say this won't be the last property in Birmingham that I sell.
Will you be adding rentals in Florida as you exit Birmingham ?
ReplyDeleteNot right now, but maybe in the future. The great thing about Florida is that you get appreciation along with rental income. Birmingham real estate doesn't really appreciate. But I like the idea of having more passive investments. Stocks don't complain, break things or pay late.
DeleteCONGRATULATIONS! HAPPY HOLIDAYS!
ReplyDelete