Contemplating a semi-pivot in my strategy...
Hey guys and gals,
I'm looking for some unbiased input on what to do next. Here's the cliff notes to get you up to speed.
-Purchased a duplex in 2015 to house Jack
-Slowly(quickly?) Discovered that I don't like doing a lot of the things a landlord does and have problems with being emotionally detached about the business.
-Property has appreciated significantly thanks to SLC being hot.
I'm now 4 years into this. The idea has been suggested and pushed by friends (who aren't real estate investors) about cashing out. I'm not interested in that, but am interested in a pivot of sorts in my strategy.
The idea that has formulated in my head would be to sell the property I have, and use the proceeds to purchase 2, or more, properties in Logan, to be managed by a property management company. This should solve my personal hang ups about being a landlord, but still allow me to invest long term. The downside would be that I would have to devote more of my income to my own housing, but the income from the 2 new properties would offset that, and would allow me to put money together to grow my portfolio.
I have gone as far as running a property or two through the calculators here on BP with some guesstimates on the high end for expenses. It would be close to cash flowing with the MLS price and rents listed.
I guess what I'm really asking here is this:
Is this a viable strategy?
If you were in my position, would you do it?
What am I missing?
I'm looking for some unbiased input on what to do next. Here's the cliff notes to get you up to speed.
-Purchased a duplex in 2015 to house Jack
-Slowly(quickly?) Discovered that I don't like doing a lot of the things a landlord does and have problems with being emotionally detached about the business.
-Property has appreciated significantly thanks to SLC being hot.
I'm now 4 years into this. The idea has been suggested and pushed by friends (who aren't real estate investors) about cashing out. I'm not interested in that, but am interested in a pivot of sorts in my strategy.
The idea that has formulated in my head would be to sell the property I have, and use the proceeds to purchase 2, or more, properties in Logan, to be managed by a property management company. This should solve my personal hang ups about being a landlord, but still allow me to invest long term. The downside would be that I would have to devote more of my income to my own housing, but the income from the 2 new properties would offset that, and would allow me to put money together to grow my portfolio.
I have gone as far as running a property or two through the calculators here on BP with some guesstimates on the high end for expenses. It would be close to cash flowing with the MLS price and rents listed.
I guess what I'm really asking here is this:
Is this a viable strategy?
If you were in my position, would you do it?
What am I missing?