Posted by Ronald * Starr(in No CA) on September 23, 2003 at 24:24:53:
L. D. Hudson----------------
First, I’d recommend selling only if you are going to be trading up into a larger property.
I’d recommend selling it yourself. At least try for about three months. If you can’t get it sold yourself, then list it with a “discount broker” who, for about $300-500 will put it in the multiple listing service, but will not sell it for you. It will be up to you to price it, advertise it, have information sheet, perhaps show it. The agent who brings in the buyers gets a part commission. S/he also helps the buyers find financing. DOn’t carry a loan. Get all of your cash out and use it for buying your next investment.
If you have a lot of equity in the property, you might want to just hold on to it and refinance to provide cash for buying more properties. The refinance money is tax free. You can take as long as you like to find a new property, not being rushed as you would with a 1031 exchange.
Good Investing*************Ron Starr**************