Buying/Selling in the Bay Area, CA

2 Replies

Hi All!

My name is Leanna, I am new to Bigger Pockets. I own a condo in San Jose and the HOA is currently $460 a month and may only get higher as they will eventually need to replace the roof and who knows what else.. we bought it about 2 years, 2 months ago and we are discussing a deal with someone to sell. I keep contemplating whether of not its smarter to keep or sell with such a high HOA that will only increase. We are discussing a deal that is roughly 194 over what we paid for it, so well probably walk away with close to 270 when all is said and done. We are interested in buying multi family but this is all very new to me and I am trying to learn as much as I can as I would love to make my pockets bigger :) with real estate! The Bay Area market is tough and we are not sure if we should keep this, keep saving, and buy more property in a year or two OR sell it now, and buy a multi family home that we can live in and rent out at the same time. Is there a better way to analyze this than what I am doing now?

Thank you!

@Leanna Mansour What did you end up deciding? There are so many factors that play into keep vs sell decisions, but ultimately your strategy should be based on your end game. If your goal is MF, at the very least you'll want to sketch out what it will take to get into a MF in your desired area if you do sell, and if you don't. You may also want to use the BP rental calculator to see what the condo will look like as a rental. 

I'm a numbers person, so my strategy would be to create multiple scenarios and compare them side by side, looking at how long and how much it will take to move you closer to your goal. Plenty of folks on here like to help with analysis, so once you have more details to share, you may get some helpful advice to help you with your decision.

@Jana Cain hello! We ended up buying a SFR in the east bay and we sold the condo. Now we’re regretting it. The payments are higher and we feel like it’s hindering us from buying an investment. If we sell in the spring we’ll prob lose around 60k in realtor fees