Sold my duplex last year and regret it
I bought a duplex in 2016 and sold in 2021, I used most of the profit to pay off some credit card debt which drastically helped my credit score-but now I really regret selling. I still have some of the profit (60k) and have been trying to purchase another investment property with no luck. Ideally I’d like to be an active investor,I’m in Massachusetts for reference and have been looking for a vacation type home to buy and rent out to offset some of the cost. Any suggestions would be greatly appreciated!
Hey man shoot me a message. My investment strategy is vacation homes (STR) . I'll be glad to see if I can help you out
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@Jason Regan is right. STRs are the best way to get ROI and build wealth. Do some research around your area and see where they are popular...then see what your $60k will get you.
@Bruce Woodruff Thanks man! Research is the key. Just because its a STR doesn't mean it makes money, especially with the rising mortgage payments. Also, not everything can be turned into a STR. Places like Nashville or Destin have the areas they are allowed heavily restricted
Quote from @Account Closed:
I bought a duplex in 2016 and sold in 2021, I used most of the profit to pay off some credit card debt which drastically helped my credit score-but now I really regret selling. I still have some of the profit (60k) and have been trying to purchase another investment property with no luck. Ideally I’d like to be an active investor,I’m in Massachusetts for reference and have been looking for a vacation type home to buy and rent out to offset some of the cost. Any suggestions would be greatly appreciated!
Hey Tiffany, always stinks looking back at the past and regretting what you did or didn't do, especially when you look back at the market over the past few years. I like to think of the quote that goes something like "The best time to plant a tree was 20 years ago, the next best time is now"
I think it is a great idea getting into vacation rentals in Massachusetts. There are many great Vacation markets that can be less competitive than other states. i would love to talk more about your plans for investing and see how you plan to become an active Massachusetts investor!
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I'm sorry that you're regretting the decision but think about the positive of cashing out tax free from that investment. You have gained a valuable lesson and can definitely take that with you on your next move.
I often drive by the many I sold prematurely to survive in the 80-90's when rates were 18% & I had too many rentals & too much debt & rehabs to juggle while still working. I never lost money but today most of them are in the high six figures to $1mill. I also commiserate about those I was offered for less than $100k, but turned down. They are also close to $1mill today. We just sold another, in 2 days cash, for the listed price, for 3x our cost basis. Wife is now convinced we sold too quickly BUT sometimes it's just time to move on.
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Quote from @Jason Regan:
@Bruce Woodruff Thanks man! Research is the key. Just because its a STR doesn't mean it makes money, especially with the rising mortgage payments. Also, not everything can be turned into a STR. Places like Nashville or Destin have the areas they are allowed heavily restricted
That's true, but with 2-3x the monthly income, a STR can stand a better chance of dealing with a slightly higher mortgage payment (interest rates are still pretty low). And of course you must find the right area to do them in....