All Forum Posts by: Jessica Wygal

@Derrick Dill I have considered the HELOC option but the idea of having another monthly payment scares me

Ok its no secret this is primarily a sellers market that we're in and I need to know if I should sell or continue to hold. 
Details:
3/2.5 and 2 car garage, 1956 sq ft. in Cypress, Texas.
Purchased in 2016 for $176k, 3.25xxxx%
Currently owe $150,xxx
In a master planned community/the 'suburbs'. Currently cash flows $175 a month once I account for HOA fees ($1100 a year) & home warranty ($550 a year). And I am priced VERY low compared to other rentals since the renter is a family friend and handles most repairs, etc.
Like most areas (if not ALL) the market is CRAZY! 2 streets over from my property a house is under contract after 24 hours for $11k over asking price. Listed at $244k and is under contract for $255k and appraised for total offer price. The home is not what you would look at and think 'updated' or remodeled, has half bath less and 100 sq ft less than mine. 1 long street over from me a different house is under contract for over asking price as well, not sure by how much. Listed at $247k and went over. This house has upgrades that were very well done and has 4 bedrooms vs my 3 bedrooms, overall I think the buyers got a GREAT deal. Point is I can likely walk away with $80-$90k as is.
Million dollar question: should I sell or hold?
Just in the 5 years since I have purchased a whole new shopping center and movie theater has opened within less than 2 miles. Also less than 2 miles on the other side of the freeway they are clearing land to build a brand new master community. There are also plans to build the 'bullet train' from Houston to Dallas and we will be very close to one of those stations. The area is growing exponentially. 
IF I sold I would likely hold the money in hopes of things returning to a more level playing field for buyers. I luckily wouldnt NEED to buy again right away since I have a second home already. Would then invest in either 2 SFH's or 1 SFH and 1 STR. BUT I also think of the fact that my mortgage is pretty dang low, apartments go for more than my mortgage! Is that safety net something I am willing to part with? Am I going to screw myself by getting rid of my investment or is now the time? Am I going to sell and regret it later due to buttloads of missed appreciation? Then theres the whole tax issue...how long can I sit on the profit for 1031? I initially planned to hold this property forever but I also dont want to miss out on opportunities by not adapting. Ultimate goal is to have at least 5 properties and/or $5k a month in cash flow...sooner rather than later but definitely by retirement in 20 years.
Now that I have rambled on - what would YOU do?

@Dakota Rice any update on this?

@Hector R. Hi Hector, wondering if you came up with any solutions.

What is your favorite laminate? What thickness do you recommend for durability? Should the thought of floating install scare me?

@Shawn McCormick thank you for the response, I hadn't even thought of all the sports travelers that go through! Thats a great point!

@Tyler Gibson that makes perfect sense! thank you for sharing. 

@John Underwood I agree! I visited the parks this past November and there was definitely no shortage of people around and the numbers are even higher now. It will be the first summer after being on 'lock down' for a year...I think families will be more than ready to get out and vaca. 

@Matt Nico @Joey Morea I suspected as much and just wanted to confirm, thank you!

@Carlos H DeOliveira extremely helpful responses, thank you for sharing. Do you mind also sharing what communities you are in?

All - do you feel a short term rental in these areas needs a pool?

@Joey Morea you are my spirit animal - you own in PCB AND Orlando, my two favorites places and most desired places to own!