All Forum Posts by: Taylor Horowitz

I own a property in Colorado that I was an owner occupant in for 4 years and then moved in with my significant other.  For the past year, it has been a rental that cash flows about $250/month.  

I have decided to sell and have notified the tenants that the property will be listed in the coming weeks.  

Even though it is a stable investment (there is upside on rents, positive cash flow and should have a nearly zero vacancy rate), I have decided to sell because I have almost made back from renting it what I put down and going to be listing it for 190% of what I paid for it as well as the factors below.

Now as the listing date gets close, I am starting to re-think selling it.  

Arguments for selling:

- I don't trust the HOA and dues have been going up steadily in the past 5 years and some potential high cost items need to be taking care of.

-Cashing out while the market is high and have stockpile of cash to invest in a less expensive market or if there is a drop in the market having cash on hand. 

-Unit needs about 10k in rennovation/maintenance

-Variable rate mortgage and only refinancing options are non-warrantable

Arguments for keeping

- Stable rental income. 

- Upside on rents

- Continually Strong real estate market (Boulder, CO)

I am having trouble getting past the emotional aspect of selling the first place I purchased while I feel there are strong arguments for keeping or selling.  Any input or feedback would be much appreciated. 

@Richard Warner I have not fully exhausted the markets within the 100 mile radius that you mentioned.  However, the market I am looking out of state in is within 100 miles.  Generally, my search is within about 30-50 miles but I was seeing what was slightly outside that and found some things that peaked my interest. 

@Micki M.  Thanks!  I will take a look and keep learning.  I took a quick look at Turnkey Reviews and it looks like they aren't in the markets in which I am looking at the moment.  But I will keep them bookmarked as a resource!

@Kory Thaut Thanks for the feedback.  I am looking at heading into those markets in a week or two when I get back from a work trip.   I am really excited about going outside my local market as I think it will allow me to grow my portfolio quicker but with that excitement comes a lot more skepticism. 

I will head that way and try and spend a few days and hours in the other markets to get a stronger feel.  

I live in the Denver Market and have a buy and hold property in Boulder.  I am looking to grow my portfolio but having trouble wrapping my head around the metrics of making the cash flow work in the Denver or even Front Range, Colorado Markets.  

I am looking at a few properties in other states but am concerned about the challenges of not being present to keep an eye on the property or being local in case something happens.  Is this really as big of a concern as I am making it?  Or if the numbers work? Is it worth the risk to put the management into someone else's hands?

The barrier to entry is lower outside of my own market, but I am viewing it as more risky.