Hey all new here looking for feed back. I own a townhouse in new Jersey that in this market if I sell right now I could net around 45 to 50k now on the other hand I can rent it and make 800 to 900 of passive income if you were in my shoes what would do. Also I have a nice property to go live in I’m gonna rent with my friend for only 300 dollars a month for rent after I make my move.
What are your goals? If you're trying to acquire rental properties for building wealth, then keep it! If not, then you could sell it, pay the taxes and use the money on whatever.
Unfortunately, most real estate investors, get caught up in the short term gains and lose sight of the long term benefits.
If you want to create long-term wealth, keep the rental.
Thank you very much to take the time to post your input
Keep the rental. $40-50k is not enough money to waste all that time over....
Are you living in it? Could always rent for 3 years then sell and avoid capital gains still. Or at least try it out for a year. That's how I started, I just hit my 3rd year renting it.
@Mike Kedziora if that is $800-900/month in income after all expenses I'm holding that property