TIME TO CASH OUT? Our dillema.... OPINIONS!?
Some of you may have read our post last year, but in short our first rental property was victim to a fire - So we tore it down and built ourselves an awesome, waterfront home to be used as our primary residence. Took 3 years to get through the red tape but we are moved in and refinanced. We utitlized a private money loan from someone we found on the site as well!
We are located in New Port Richey - outside of Tampa, FL - the market is going nuts!
Is it time to sell and re-invest the cash? After all, this was supposed to be an investment property but "dream home emotions" got in the way.
Currently owe $440... Have standing offers (pre-listing) at $1.25 million that will NET us about $750,000 - which is a large part of our net worth.
We have been pulling our hair out trying to guess the market what if's. (Especially considering the home's value limits buyers)
Is this the time to sell?? A couple local realtors said they see a slow down of offers
OUR IDEAS IF WE SELL:
Put down payment on smaller home - have tons of cash left to use for down payments on other cash flowing SFH or Multifamily properties (1031 or our own opportunity fund)
have down payments for a couple of small commerical warehouses (1031)
Rent for a year and see what the market does - keep money in our own opportunity fund or trust to avoid Cap gains
Buy another small house now - and airbnb our waterfront home - income should pay for both houses monthly debt service and then some...
OR DO WE STAY PUT - Leave the equity alone and grow our business, use private money / banks to buy more properties when we can.
Thank you for reading and any valuable opinions!
