Updated about 7 years ago on .
Should I rent or sell my Co-Op?
Hey guys,
I am a new listener to the podcast and this is my first post in the forum. Hope this is in the right place.
I am looking for some advice as I currently own a coop in the Long Island, NY market and am debating if I should sell it or rent it.
I bought my coop in June 2016 for $145k. My maintance is currently $820 and my monthly mortgage is $515. Plus approx $20 for utIlItes (heat and water are Included in my maintenance). Total Is $1350 monthly.
Based on recent sales in my community, I believe that I can get somewhere around $170k for my coop.
If I were to rent it, based on comparisons I believe that I could get approx $1600 per month, minus the $1455 ($100 renting fee, and the $1355), I would be making $145 per month.
I’m leaning towards selling it and reinvesting my profits into a multifamily but was hoping to get some opinions from people with more knowledge in this area.
Really appreciate any pointers! Thanks!