“The Agony and the Ecstasy” is a very worthwhile book about the painter and sculptor Michelangelo.
Like a beautiful sculpture, say the Statue of David, or a masterful painting, say on the ceiling of the Sistine Chapel, it takes agony, i.e. huge amount of planning and painful masterful execution over months and years to arrive at a brief moment of ecstasy. The ecstasy in income producing real estate is not so much the monthly cash flow but the final big cheque on asset sale, or when you refinance.
Once you have owned an asset for a while you will always, always wonder: is it time to sell? Even if the original intention was a very long term hold, you will get the itch. It is true agony.
So, let’s analyze briefly when you should sell, and when you should not but rather hold and/or refinance instead: http://blog.reincanada.com/sell-or-refinance-the-agony-and-the-ecstasy
Thomas Beyer, President
Prestigious Properties Group