Hold vs Sell Sothern California Property
Hey guys!
Looking for the extra push to sell or hold my southern California condo. I have about 200-220k of equity in my place. After owning for 6 years, my expensive HOA (340/month) is really dampening my cash flow. I actually am paying roughly 100/month to keep it and run it after all fees. Looking at cap rates, it is at 2.67%. Would you recommend selling since my tenant leave at the months end in July and buy more property or would you find this place worth keeping. It is worth noting that I bought with VA in 2016 so it was fully financed so that is why after 6 years I am still having to pay a small amount AND the market rents are at least 2600/ month which is a 450 increase from previously rented (I had a long term renter for the past 3 years so rents were low.) My concerns with keeping are the HOA and just how the housing market in SoCal looks. Reasons to keep are that I will FINALLY be able to cash flow a little bit this year if we decided to keep, plus we have enough capital to buy another property in other markets. Thank you to any input and opinions or solutions!
-Nick