Serious bad news on the property selling front. The buyer yesterday said, when they tried to get quotes for insurance, nobody would cover the house because the roof is more than 10 years old. Supposedly, that even included Louisiana Citizens, which is the "last resort" insurance for this state. It has some kind of government backing and I always thought any house would be covered by them when no other companies will. It would be the same thing for the other duplex (#2) I was talking about yesterday, that I don't have listed and we just had rental showings for. That roof is older than 10 years also.
My REA is looking into it and having her insurer run a "dummy" quote to see if that is really true.
It's just so frustrating because the roofs on both of those houses are fine. No leaks ever in the many years I've owned each of them.
I've crunched numbers and duplex #2 is definitely worth keeping, either way. Even if I subtract 10% of the rent for property management fees (once I move). For the duplex I already have listed, I'm leaning more toward keeping it rather than putting a new roof on just so i can sell it.
The other factor I am considering is I keep hearing that interest rates are expected to go down early next year, maybe even toward the end of this year. We won't see the 2-3% rates of a couple years ago, but definitely down from here. A whole lot of trying to tell the future. But, if that happens, those properties should go up in value and then I can re-evaluate if they are worth keeping or selling.