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Updated over 9 years ago,

User Stats

33
Posts
6
Votes
Michael Morin
  • Cape Coral, FL
6
Votes |
33
Posts

Advice: should I sell my house?

Michael Morin
  • Cape Coral, FL
Posted

ok so I want to get into REI. I don't have a network or team. Wholesaling sounds interesting but in gone a lot for work. So I would definitely need a team to make that happen.

So a little background on me. 35. Recently divorced. I own a waterfront home with a boat lift in Cape Coral fl. This is the area I'd be interested in meaning southwest Florida. 

Would it behoove me to sell my current home. In asking this I don't have enough equity to take a 2nd. However I owe 188 and could sell for about 240. (Zillow says 280. I doubt that) After all is said and done realistically I could walk away with $30-35k in hand. 

Now if I did this I could potentially fha a MF and live in one while renting out the other. This would also give me some left for another cheap MF that I could go full rental. 

I understand finding the right deals are paramount and have been vigorously looking. Down here tenant pays all utilities so that isn't a concern. I've found one 4plex that peaked my interest. 329,000 list. 4 2/2 885 sq ft. Agent says rents are at (3) 675 and (1) 575. Looking at comps for 900 sqft and 2/2 rent should be closer to 800. Not site why 1 is at 575. According to all numbers I've read on here this place will not cash flow. So kinda lost interest. 

Basically what would be my best play? Saving down payment and continue living in my house or selling and expanding. If selling is your choice what method of investing would work best? Also my current income is right at 100k

Sorry for the long post wanted to give as much info as possible and I'm sure there will still be many questions. 

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