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Updated 10 months ago on . Most recent reply

User Stats

7
Posts
3
Votes
Jared Van Horn
  • Medford, OR
3
Votes |
7
Posts

Keep or sell?

Jared Van Horn
  • Medford, OR
Posted

I just finished redoing 2 duplex on one lot. Each unit is a 3/2 with 1100 sq ft each. One duplex had a fire in it and I had it down to studs. New everything beyond studs. Custom black oak cabinets. Very modern and no corners were cut. Back duplex got pretty much a full makeover from sheetrock on. All units look the same. I have right at 700,000 into them with projected rent at 1700-1850 per unit. Each unit has a yard and patio. I have a hard money loan through a family member and that is included in that 700k.  I can sell the units hopefully for about 840,000 before realtor fees of 5 percent and whatever I'll be taxed on. Am I silly for wanting to sell it and put it towards my next rental or should I be trying to keep this? The 700k loan is kind of a scary thought rn. I've flipped about 6 houses but now I'm wanting to do them and hold. I just rented out my first property and want to continue and grow. 

Most Popular Reply

User Stats

340
Posts
186
Votes
Bill Schrimpf
  • Real Estate Agent
  • Reno, NV
186
Votes |
340
Posts
Bill Schrimpf
  • Real Estate Agent
  • Reno, NV
Replied

Hard or private money is usually short term.  If you refi into a 30 year, your debit service will be about $5k +taxes and insurance, whatever that is in OR.  Doesn't look like it will cash flow.  If you live in one unit and do the house hacking thing, your mortgage gets subsidized.  Not all bad...

Or sell, and get out with $90k before taxes...

  • Bill Schrimpf
  • 775-741-2326

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