hold or sell and reinvest
Hello everyone, thanks for taking the time to read this.
I have a condo that currently can sell for ~ $700k, originally purchased for ~$500k, 30 yr fixed at 4.625, currently rented for $2,800. All other monthly expenses ~$500 (tenant pays,water, heat, etc, property is tax abated for the next 10 years, with annual taxes currently projected at ~8k).
While nobody has a crystal ball, I suspect it may keep going up by about 5% per year, a pretty popular area in Brooklyn, NY.
I lived there myself for the first 3 years and have rented it for the past 18 months, the current tenant moving out, rental demand is very strong, getting someone else should be no problem or can provide vacant if decided to sell. Costs me zero to have a realtor screen and bring in a tenant, as the renter takes care of the fees in my part of NY. The building also has a mgt co available for small repairs, very reasonable fees.
I moved to Florida and am currently looking at investment opportunities in Palm Beach, Dade and Broward counties, there seem to be options out there for a higher return on both flip and buy and hold.
I'd love to hear any thoughts on the correct move or to connect with someone that has local FL area knowledge.