Should i Sell or Should i Hold?

[Bekir Seyhan]

I own&live in a condominium apartment built in the 60's that i'm unsure of what to do with. It was my father's and he's payed down the mortgage a significant amount. its a 2 bed 1 bath 800sq/ft highrise, Maint fee of $740 requiring ($25,000) updating. Theres about $50,000 left on the loan and the average price of units in the same building and the surrounding area go for $300,000. I've been doing a-lot of reading on the BRRRR method and want to jump into it but not sure how to proceed with this unit.

Should i sell it and take the profit to invest elsewhere using the BRRRR method?

Should i update it, rent it out, then refinance it? (Calculator shows the property will cashflow 150$/mnth)

What things should i consider before making my decision? 

[Derek Harris]

Originally posted by @Bekir Seyhan:

I own&live in a condominium apartment built in the 60's that i'm unsure of what to do with. It was my father's and he's payed down the mortgage a significant amount. its a 2 bed 1 bath 800sq/ft highrise, Maint fee of $740 requiring ($25,000) updating. Theres about $50,000 left on the loan and the average price of units in the same building and the surrounding area go for $300,000. I've been doing a-lot of reading on the BRRRR method and want to jump into it but not sure how to proceed with this unit.

Should i sell it and take the profit to invest elsewhere using the BRRRR method?

Should i update it, rent it out, then refinance it? (Calculator shows the property will cashflow 150$/mnth)

What things should i consider before making my decision? 

What are your investment goals? Do you want to maximize cash flow? If so, then I would sell the property and invest it in a multifamily unit. Verify if you qualify for the home sale tax exclusion. With that much equity, you can get far better returns than $150/ month.