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Reply to "Any other landlords noticing huge drops in rent??"
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[quote=Anonymous][quote=Anonymous]OP you were super lucky to get that crazy price for condo . Be thankful and drop the price to appropriate price . [b]Otherwise sell[/b] .[/quote] It's very painful to "just sell" a rental property - you have to pay the depreciation recapture tax in addition to the capital gains tax, transfer taxes and realtor fees. The tax benefits are really the only thing that make owning real estate worth it much of the time, but you have to give those back if you sell. Plus, I was hoping to live there in retirement (admittedly, this is decades away), so selling and then re-purchasing the same condo 20 years later is not optimal. However, I struggle with keeping so much capital tied up at low returns if these new rental rates will be the norm. (And yes, to those saying I must be gouging at $4K/month, I have a lot of capital tied up there. It's not like one can simply buy a cheap property, invest no time or money, and charge $4K per month.)[/quote]
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