Selling my first property, what to do?
Hi BP community, I’m somewhat new to real estate investing so I’m looking to get your expert opinion. I own a single family home in Livermore, CA that I have up for sale with the idea of doing a 1031 exchange into a 3 or 4 plex. It is listed for $595K, during the open house there was a good amount of traffic but we didn’t get any offers. A couple of issues are that it is a 2 BR/1 BATH but the 2nd bedroom doesn’t actually have a closet and there is a family room that was built without permits prior to me buying it. I owe $175K and I was renting it for $2,095mo.
I’m considering the following options:
Opt 1 – Wait for one more month to see if a buyer comes
Opt 2 – Drop price to $550K
Opt 3 – Refi then use the funds to convert to true 2/1, then re-list for $630-$650
Opt 4 - Keep original house layout, refi to add an ADU and rent both units ($3,200 mo)
Opt 5 – Hold as is, re-rent and refi to get fund for down payment
Opt 6 – Convert it into a nursing home (My wife doesn’t like this option)
What would you suggest?
Thanks for reading, looking forward to your input… Cheers