The world of real estate investing can be an exciting and profitable one.  It can also be terrifying and costly if you don’t know what you are doing (and sometimes even if you do!).  Stepping back and taking a cold, hard look at your investment portfolio can help you get rid of properties that are sapping you of mental energy and draining your bank account.

If you have purchased a rental property that has gone from a nice little money maker to one that is now just costing you money every month for whatever reason, you have to be able to make the hard decision.  Even the money isn’t the biggest part of it because you know that it is just part of being in business.  Instead it’s the peace of mind that that property is robbing you of. Sometimes your best choice is to sell. With the Alberta real estate market going the way it is you know you should be buying properties right now not selling them but you have come to the point where this rental is an Albatross around your neck rather than a good investment for you. 

Don’t be afraid to step back from your business and take a cold, hard look at it. It is impossible for anyone to make the best purchases 100% of the time and if you can look at your portfolio objectively you can cull the properties that are robbing you of investment increase and peace of mind.  It isn’t an easy thing to do but it is a necessary thing to do and the short term pain will be worth the long term gain.  No one said being a real estate investor would be easy but being able to make the hard decisions will take you a long way in creating wealth with your portfolio.

Rhonda Hoffman

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