Cash-Out Refi or Sell Multifamily
I have a 4-plex in Los Angeles and I recently relocated to Florida. I did a cash-out refi right before I moved to take advantage of low interest rates. Everyone keeps asking "Why didn't you sell the building?". Most people who I know who sell property regret it. Should I have sold it when I moved or did I do the right thing by doing a refi?
If I were to have sold, I would have had to pay capital gains tax because I don't know the Florida market well enough to buy within the 1031 exchange period.
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Most investors I know that sold properties almost ALWAYS regret selling. You'll be glad you kept it. What part of FL? Hopefully not in the aftermath of Ian. I lived in Gulf Breeze for 10 years in the panhandle between Pensacola Beach & Fort Walton Beach. Nice area. I'm looking to invest in that area soon possibly. Good Luck Jennifer.