Updated about 5 years ago on . Most recent reply
Rent or Sell in Albany, Ny?
Good afternoon BiggerPockets family
I will like to ask for your advice. I bought my first investment property in Albany, NY this year. Is a single family home that I just finish rehabbing. I bought it with the idea to use the BRRRR method. However now I'm very undecided since the market is hot and I am not sure if I should rent or sell. It can sell for a good price.
We are in uncertain times and a lot has change since I bough it back on April 2020. The house is pretty good, new with new pluming, electricity and even the exterior was changed.. Is a single family 4 bed 1 bath in a nice neighborhood in Albany, NY.
What would you do? Thanks in advance for ur advice...
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- Qualified Intermediary for 1031 Exchanges
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@Fabiola Sanders, Actual rent production is not a requirement for a 1031 exchange. And there is no statutory holding period. But it has to have been your intent to hold for productive use and now something is causing you to change that intent. From what you describe you may be able to demonstrate that intent satisfactorily if ever asked. I'd verify with your accountant who will be the one signing your tax return.
- Dave Foster
