Thinking of selling my first buy and hold in Bed-Stuy Brooklyn
Been looking for a new buy and hold MFR and have narrowed down to a few areas and started working on financing. I looked into a Heloc on my primary(rather not do that) and was looking into taking an equity loan on a 3 family and was surprised to get an appraisal on it about 20% above the number in my head, so I started thinking of selling. Here are the numbers.
3 family brick in zip code 11205 bought for 700k in 2007. I put down 35k when I bought.
637k mortgage balance at 4.25 P&I 3300 a month
GR 80k
expenses(taxes, ins, water, utilities, repairs and maintenance). 15k
I put aside about 4k this year and last for the roof fund.
So I net about 2,000 a month.
Here is some more backround info...
100k in renovations over last 8 years.
Ill need a new roof and pointing in the next 5 years@ 40-50k
Building just appraised for 1,137,000.
The broker I use said said I could negotiate the fee and clear around 450k. I think the area is up and coming. Has a long way to go. But I could buy someplace else with way better cash flow.
Appreciate your thoughts.