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Updated over 9 years ago, 05/06/2015
sell my current coop
Good evening,
I am an accountant and about a year ago became a landlord. I currently live Long Island and own a coop in Queens that I rent out for 1950 a month. I pay for the property 847 maintenance and 886 for mortgage, so I get a little return. I bought the place with 20% down, the property had appreciated in value quit a bit. What should I do sell this apartment and see if I can find a multi family unit?
I was looking at out of state market, for instance North Carolina, South Carolina, Virginia. Some of the multi family buildings cost just as much as my coop and adding all of possible rent assuming that its 100% occupies equals what I get for my coop.
Any thoughts?