Sell or Hold Rental Property
I own a single family in Waltham, MA.
Mortgage taxes and insurance are $2,173 a month. Rent is $2575 a month. I purchased the home for $346K and is now worth around $450K. Currently 13 years left on the mortgage. Windows and siding need to be replaced for a total of 25K. I have already put 25K into the home. Do I put another 25K in and hold for a long term rental property or sell the place as is if I can get $450K? If I sell I would use that money to invest in a multi family.
Thank you very much for your time,
Marc
Most Popular Reply
What is the mortgage balance?
You have way too much equity to make only $300 or so cash flow after expense. You will make way more money exchanging it to the right units.