Direct answer
When trapped equity yields under 5% on current value, or when the asset has outgrown its strategy role.
Expanded explanation
Compute Return on Equity (cash flow + appreciation / current equity). If it drops below your portfolio average, sell or 1031 into a higher-yielding asset. Other triggers: deferred capex exceeding 25% of value, deteriorating submarket, life events.
Examples
- $300k equity producing $9k = 3% ROE → 1031 into 6% asset.
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