3 considerations before liquidating a rental property

REThink Real Estate

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Q: We have a house we need to put on the market. It’s a ranch house, built in 1964, about 3,000 square feet. We don’t live in it now, but we did for 10 years. We are going over today to patch the holes and prep to paint the entire upstairs, but it needs a ton of work and it seems insurmountable. Where do we even start? We’re novices at this.

We thought maybe having a rental for extra income when we’re retired would be great. The issue is that we’re not great landlords … we just don’t know what we’re doing. We do have a standard rental agreement drawn up by our lawyer, but I think our plan now is to just get rid of it. I hesitate to sink money into it, but I know a real estate agent is going to tell us we have to. Someone may rent it in its current state, but we would take a bath if someone bought it like this.