Property Value is higher than rent cash flow.
Hello BP,
Haven't been here in awhile and need to ask a question. We purchased our first triplex back in 2012 and at the price we bought it for we could live in one unit and make a decent cash flow off of the other 2 units.
Now we are looking to sell and our property has doubled up in value. The problem is that now the rents won't cover the property value mortgage payments.
We have thought of redeveloping the property to make it a single family with a guest house but don't have the funds to do so. So we are going to list it.
Any advice on how we should proceed would be greatly appreciated!!