Every single day we all have to make many decisions, some of them small and some of them big. Success coach Anthony Robbins said that even not making a decision is also a decision. In the case of property investing, we will have to decide for each property in our portfolio whether we want to keep it or when to sell it. The short answer to that is: It depends.
What does it depend upon? There are a number of factors that you need to take into consideration:
- The objective of having bought this property
- Your strategy
- Your personal situation and potential changes to it
- The numbers
- Other opportunities
For each of your properties, you need to think of what was your objective of having acquired it in the first place was. Was it for cash flow or capital appreciation reasons? What was the strategy you used? These two questions give you a good indication when it is time to sell this particular property.
You will have to decide for each of your properties whether you want to keep it or when to sell it. That mainly depends upon your objective of having bought this property, your strategy, your personal situation, the numbers, other opportunities, and timing. When do you sell your golden goose? Probably never. If you have decided to sell a particular property, this should be in alignment with your strategy and market timing.
While it is relatively easy to compare properties within the same category, it is more difficult to compare properties in different categories. Within each category though, it is quite clear that you need to review the worst performing properties and take appropriate action.
Keep yourself up to date about changes in the market, new opportunities and keep learning and enhancing your knowledge and experience.
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