I live in Ohio and nearing retirement age (howbeit early). I own several rental properties that I was planning on using the income from to supplement my retirement. However, I have some serious concerns about owning rentals in what appears to be a "Great Reset" of the financial monetary system. High unemployment, civil unrest and so on all seem like a lose-lose situation for owning rentals. I am looking for advice. Should I stick with these rentals or dump them while the housing market is hot? Thoughts?
adgal
Veteran Member
If you sell them you might have to pay capital gains tax. Although, IIRC, there is a one-time retirement clause when you can avoid it - but please ask someone who knows more. My deciding factor would be upkeep - if I'm retiring, do I want to have to take care of all of the incidentals the renters need. And, you're right, we're going into a time of great uncertainty where not paying the rent seems to be okay with the government. And, you could use the extra money to get yourself further prepped.
The Snack Artist
Membership Revoked
Dump 'em. Convert the money to gold and silver and buy guns and a nice big safe. It's coming.