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Updated almost 3 years ago,

User Stats

11
Posts
11
Votes
Larisa Dalekorey
  • Pueblo West, CO
11
Votes |
11
Posts

What should I do sell my SF so i can buy multifamily or rent it?

Larisa Dalekorey
  • Pueblo West, CO
Posted

I'm in active duty military currently stationed at Shaw airforce base but I bought a SF house in 2019 of May for $170k. I have 8 months left until I get out the military and really start full time investing into multifamily. My question is Should I sell my house which is brand new construction since 2019 in Lexington SC redbank area which is currently growing and new construction of businesses and more houses being built in my neighborhood. Or should I sell my SF for about $250k-$270k and take the profit and start buying multifamily properties? I live in a 4 bedroom 2.5 bath house 1900sqft 2 story. I believe I could maybe even refinance and lower my APR and lower my mortgage and put renters in there where I might be making about $1000 in passive income. But depending on what I buy as multifamily which I was looking at buying and starting my business in Colorado Springs area and make about $1200 passive income. I've been doing crazy math so please bear with me. I also was thinking...Sell my house make $50,000-$70,000 cash use my VA loan to purchase 1st multifamily with no down payment and house hack the 1st property than buy another multifamily with the cash I make from my single family, allowing me to live for "free" and make $500+ on passive income and than make $1200+ with 2nd multifamily and if finances allow buy a 3rd multifamily from what I have left from single family. I'm trying to start investing in Columbus Ga area since it's cheaper there and it's close to military installation and in Columbia SC as well. That is just to help me build my portfolio and than partner with great people.

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