Sell or not to sell
A realtor approached me the other day and told me she has a buyer who is interested in my duplex in San Pedro, CA. Loan balance is 560k. She offered 650k. I have owned it for 7 months and cash flow about 500 per month because I used a FHA loan to acquire it and I have a large payment. Yes, this is after EVERYTHING is paid including savings for Cap Ex. Considering I only invested 35k in to the property from downpayment and closing costs, Id say thats a good return in 7 months. Id think Id keep about 65k of the income after the realtor is paid and taxes.
I want to hear some opinions. I currently own 3 duplexes in Ohio. Should I take the income from the San Pedro duplex and roll it in to about 3-4 more down payments on more units in Ohio which can triple my cash flow and decrease the time of loan pay down or decline the offer and continue to hold ownership in Pedro and hope for appreciation? I manage the property and it doesn't bother me to do so where in Ohio, I have a manager.
I apologize if this is scattered. There is more to the story but this is the spark notes.