Advantage to selling rentals at age 62?

[kokonutty]

Originally Posted by ColoGuy

I believe there are tax advantages to waiting until after 62 before selling a home. How about rental units? Do they enjoy similar tax advantages?

Been renting homes in S. Florida for seven years and I've had enough. It is time to throw in the towel in the next few years. Why?
*Hurricanes/extremely high insurance on older homes
*Theft/Vandalism/Shooters(yes....really....drive by shooters drove out a tenant)
*Termites
*Cockroaches
*Rats - get in attics and reproduce
*Hot water heaters have short lives
*Air conditioner problems/replacement due to heavy usage
*Hyper governance - especially down there
*Roof leaks
*Brush removal needs-the jungle wants to reclaim yards
*Deadbeats
*Shoddy work
*Excessive property taxes
*Manager got a job and doesn't have time to spend on rentals anymore
*Drain field replacements

At 59 years of age, I am starting to consider retirement. I live in the Colorado boondocks with almost no local employment opportunities. Had been planning on retiring on rental income. Rental income is negative far too often. I'm unsure if I have lost money over the past seven years but I do know the income is unreliable and very often negative. Maintaining old homes can be extremely expensive. Even if problems were cut in half this scenario is still unattractive.

Thanks in advance for useful advice!

Sell. You're not cut out to be a landlord. You probably should not be self employed in any capacity.

[aslowdodge]

Originally Posted by kokonutty

Sell. You're not cut out to be a landlord. You probably should not be self employed in any capacity.

agreed
OP if you are not sure if you made money or lost money then you really are out of your league here. As I said before, get out now.

[kira kira]

First, you should know what your numbers are for the properties. What is the ROI that the properties are giving you each year? You need to know this info in order to find the best option for you and your retirement.

Second, you may want to look into NNN properties. You could sell your current rentals and roll everything over into a 1031 exchange - therefore avoiding all tax obligations for the time being and generating a monthly income. Instead of focusing on residential properties, NNN investments focus on retail properties for high-credit-rating companies. You would want to connect with a 1031 specialist in your area along with a company that specializes in finding and securing NNN properties.

[aslowdodge]

Originally Posted by gagirlatl

First, you should know what your numbers are for the properties. What is the ROI that the properties are giving you each year? You need to know this info in order to find the best option for you and your retirement.

Second, you may want to look into NNN properties. You could sell your current rentals and roll everything over into a 1031 exchange - therefore avoiding all tax obligations for the time being and generating a monthly income. Instead of focusing on residential properties, NNN investments focus on retail properties for high-credit-rating companies. You would want to connect with a 1031 specialist in your area along with a company that specializes in finding and securing NNN properties.

Agree with the first part, uncertain with 1031 part.
First the op has to sell everything within a narrow time frame then select and close on a commercial property in a short window. If you have one property to sell it's not do hard, but multiple properties it is.
A lot of commercial properties don't perform as well now because their prices are so high.
I also believe that retail properties will be difficult as time goes on because so many businesses are affected by online sales.
Lastly if the op is having problems with his rentals now, commercial won't be any easier. It would be jumping from the fire into the frying pan.