Take the equity? Hold? Sell?

[Sean Gallagher]

Creative suggestions for this scenario.  You purchase a property that winds up having about 60-80k of equity, in need of lots of minor repairs, 3br 2ba.  Only property owned, want to build on portfolio and maximize growth potential. Do you sell, collect all equity and spread it out amongst a few properties as down payments covering light repairs.  Or say rent and hold the property, but I don't see this as a viable option as all that equity could be put to use.  I've heard a little bit about cash out refi, not sure if that'd be a smart route, Ive read about all cash buyers doing this after they purchase a property and get it ready for rent.  I guess they go all cash to acquire the property fast and then cash out refi to get their money back and move on to the next.  Thoughts on a good move in this scenario?  

[Alexander Felice]

Originally posted by @Sean Gallagher:

Originally posted by @Alexander Felice:

when considering selling, remember to account for selling costs (~8% of selling price) and increased tax rate.

 8%?  You referring to closing cost, don't think it's as high as 8.  Yeh gov. loves to tax us

 well depending on your state, many have sellers pay both agents (like mine). That's 6% right there plus junk fees.

could be less than 8% for sure, just be well aware of the costs if you decide to sell is the advice I wanted to convey.