General Real Estate Investing

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Would you consider selling a Queens property to invest elsewhere?

Posted Aug 3 2022, 19:19

Hello,

As some background, I currently own a duplex in deep Queens, close to LI. I've owned the property for almost 5 years. The house could sell around 900-1 mil based on recent sales in the area and I have around 40% equity at this point. The mortgage interest is low at 3.5% and I receive a cash flow of ~$1000 a month. I handle the property management myself including repairs.

I've been crunching numbers and a Cash Out Refinance would put it at 0 cash flow or negative so that is not an option. After getting into BP podcasts and reading the material, I started considering investing further out of the NYC/LI area. Would you guys consider selling my current duplex to fund multi families elsewhere or would it be better to hold on to this property and save up some capital over the next couple years to invest elsewhere?

Looking at other markets (Albany, Connecticut, PA), I could optimistically own multiple properties and receive almost double the cash flow. 

New York City, New York

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