Selling one family house

[Andy Singh]

Hello everyone, I have been in real estate for a little while. I have a two family and a single family house which I live in. The signal family is what we always wanted but now living in it for 3 years I realize how much money I’m losing. I’m thinking of selling it and buying a two family house to restart my real estate investment. It’s hard to sell something that I work so hard for, I’m just not sure if it’s a good decision. 

[Mohammed Rahman]

Hey @Andy Singh - good question, I'd ask you the same thing I ask all my clients: what's your goal? 

There really isn't a wrong or right answer, just an answer that works best for you. 

For example, if your goal is to have steady income coming in, you could also explore the idea of simply renting out the single family home while you move into one of the units in your 2-family property (if you can). 

Alternatively, if you're planning on buying multifamily in a low cost of city to get the best bang for your $ - then it might make more sense to do so. 

Where is the single family property located, how much equity do you have built into it, etc.? These are all the questions I'd ask you to figure out whether or not it makes sense for you. 

If the property is located in NYC, please feel free to reach out. I'm a broker and investor in NYC and I can at least point you in the right direction. My number is in the signature below, I'll also send you a direct message.