Have you ever been in a situation where life throws a curveball at you, but you refuse to stay down? Last week, I got sick, and amidst the chaos of daily life, I found myself dealing with the unexpected decision of a tenant to not renew the lease at our rental condo. This turn of events has sparked a new journey in my life as I prepare to sell the condo, a property we have owned since 2011. Transitioning from being a landlord to exploring real estate crowdfunding with CrowdStreet seems like the logical next step, providing a simpler and more hands-off approach to investing in real estate.
- Condo history
- Our rental condo is nestled in a complex of 3 unique towers constructed in 1965, with the distinction of the west tower holding the title of the tallest building in Portland for four years. The rich tapestry of history intertwined with this location is fascinating. These buildings, along with the historic Halprin Open Space Sequence, were pivotal elements of Portland’s early urban renewal project, marking a period where inner cities faced decline, and populations migrated to newer suburbs. The neighborhood’s transformation, which saw more than 1,500 residents relocated as 54 blocks were condemned for redevelopment, is a poignant reminder of the ever-changing landscape of urban areas over time.
- Purchased in 2011
- Our story with this condo began in 2011 when we acquired a one-bedroom unit in the west tower. Originally intended for my mother’s residence, circumstances led to her moving in with us, prompting us to convert the space into a rental property. Purchased during the financial crisis at a significant discount, the condo stood as a testament to resilience amidst turbulent economic times. Over the years, rental income has seen gradual growth, reflecting the evolving real estate landscape of Portland.
- Price appreciation
- Hindsight often provides clarity on missed opportunities, and in the case of the Portland condo market, peaks and troughs have dictated the trajectory of property prices. While the market may not be at its prime, tentative plans for sale have been made, with projections indicating a satisfactory profit margin given prevailing market conditions. Despite the subdued pricing trends, navigating through a challenging market with calculated decisions has been a learning curve.
In preparation for the impending sale, a checklist of tasks awaits completion:
– Painting: A fresh coat of paint breathes new life into the space, serving as a quick and effective way to rejuvenate the property.
– Light fixtures replacement: Swapping out outdated fixtures for modern LED alternatives adds a contemporary touch to the unit.
– Faucet replacement: Focusing on the details, worn-out faucets are being upgraded to enhance the overall aesthetics.
– Kitchen cabinet refresh: Lamination and wear and tear necessitate attention, with wood conditioner and strategic upkeep efforts aiming to revamp the kitchen space.
– New carpet installation: Aging carpets, a casualty of rental wear, are being replaced to enhance the visual appeal of the unit.
– Scrubbing: A meticulous cleaning routine rounds off the prep work, ensuring the property shines in its best light.
As the process unfolds, thoughts about future tax implications and estimated payments loom overhead. Balancing financial considerations is crucial, with plans to offset potential gains through strategic maintenance and remodeling projects on other properties.
In conclusion, transitioning from being a landlord to exploring alternative investment avenues signals a new chapter in my journey. While the decision has been driven by practical considerations and market dynamics, the evolution and growth stemming from this experience are invaluable. As I navigate through the intricacies of real estate sales and investments, the promise of new horizons and opportunities beckons, paving the way for a future shaped by adaptability and foresight.
Leave feedback about this