All Forum Posts by: Patrick Ryan

@Jody Moscrip That's interesting! I'm in the Bethel, ME area.  Where are you able to monitor upcoming regulation changes?  

@Lien Vuong Yes, I agree with both of you.  Currently I've been expanding in the area.  Bought and rehabbed another house last year and am building a 3rd from the ground up currently. All short term rentals.  Because the area has gone up in value so much, each new property costs much more than the last obviously. A 1031 in the same area would probably be a lateral move as opposed to taking the profit and finding another area with more room to grow. Mainly I want to be ready to make a move when/If things settle down. I'm leaning towards keeping the property and doing a cash out refi, If I can. I've got a 3.875 interest rate so maybe if I can refinance to a slightly lower rate and take some equity out, I can be ready for the next deal. My goal is to diversify my Maine STRs with Multi-family long term rentals, most likely in the greater Boston area.

Thanks @Jaron Walling. I think a cash-out refinance might make the best sense while rates are low! Would love to keep the property.

Purchased a 2nd home in Maine in 2018 and turned it into a STR a year later. Bought the property for 350K. The property could now sell for 700k! The property cash flows around 40K per year after all expenses. The market feels like it might be in a bubble with current prices and I'm considering all my options.

Should I:

1) Hold and continue to rent the property for the long run and hope it continues to appreciate or at least hold its current value.

2) Hold and refinance, to get cash for another investment.

3) Sell, Hold profits for a pull back in the market and pay the long term capital gains.

4) Do a 1031 exchange into another investment.

Thoughts?

Patrick