Should I hold,sell or refi?
Hi Guys,
I'd like to give you my current situation and see if you can provide some feedback. I have a 1 bedroom condo in NY, which is now worth about $300K. There is no mortgage on it, just RE taxes and CC = $250 per month. I've been pretty lucky with the tenants and have not had vacancies longer than 3 weeks. I collect $1250 per month in rent, which adds up to $15K per year or 5%. Please give me your 2 cents on some of my options.
1.) Sell and put the money in a CD at 4.5 for 3 years. Same ROI no headaches.
2.) Sell and put the money in a house that we're planning to buy in the near future. Does it make sense? If I buy a house for $500K and instead of putting 20% down I will put $300K it'll save me more money in a long run than I would have ever made on this apt. (I like this option the best)
3.) Refi? and use the cash to invest more? Not even sure if it's an option.
4.) Hold and rent until I retire... don't really like that option.
Thank you,
Paul.