Albany NY: Sell or Hold 4 - Family Unit

[Chris Lemons]

Hi all,

I've been reading around BP for a while now but this is my first post. I am moving away from Albany within a year and am debating whether or not I should keep a 4-unit property I have. It is in a good neighborhood and I have had no problems keeping it fully rented.

My total yearly ROI on this is 9.5% but would drop down to 5.2% if I were to have a property manager take care of it. However, I would continue to build equity and benefit from rising home prices in Albany.

If I were to keep, there are probably some bigger expenses I need to make soon including new roofing and possibly decking. I am also unsure about the risk of being OOS with a PM taking care of it. I would love to hear some of your thoughts on this.

Thanks,

Chris

[Kevin Buckley]

@Chris Lemons I'm an OOS investor with a few properties in Albany, NY as well. I think you have to look at your long-term goals. Since you have been on BP for a while, you understand the wealth you can generate from holding RE over the long run. As @Ryan Vienneaustated, you should focus on the cash flow the property will generate with a PM. Make sure you have cash reserves to cover maintenance issues (just dealt with a tree falling on the porch of one of my properties). You could also take the time to vet property managers while you are still in the area. If can cover these item and don't need cash now, I say keep the property. Worst case, you selling it in a few years if you don't like how things are going.