Is it time to sell a high equity asset? Thoughts?

[Jon Arambarri]

Hey y’all,

Bought this place in central Florida (Oviedo) just over a year ago renovated it nicely, it hadn’t had anything done to it since 1984. Looks great.

However I’m looking to possibly sell it now, the markets even crazier then when I got in it. Purchased around 210k and looking at about 290-310k right now. Should I pull out now with the possible recession hitting and lowering home prices?

Some background: I don’t think Florida prices will be too far impacted, however I have a room to rent from a friend for some time, it would lower my month bills nearly in half and give me money to put away (id have my CPA allocate the funds so they're not just sitting) to purchase multiple properties when the markets less of a sellers market and more of a buyers. I don't think it'll be a real buyers market soon, but at least better as the supply chain corrects and new homes are built.

Looking to expand into real estate further but this market does not leave a lot of room to purchase another place right now. I figure pull my funds and come back in 6mo to a year with more money in pocket ready to move on multiple properties in a more stable market and focus on more cashflowing properties. 

Thoughts?

[Tyler Gibson]

Quote from @Jon Arambarri:

Hey y’all,

Bought this place in central Florida (Oviedo) just over a year ago renovated it nicely, it hadn’t had anything done to it since 1984. Looks great.

However I’m looking to possibly sell it now, the markets even crazier then when I got in it. Purchased around 210k and looking at about 290-310k right now. Should I pull out now with the possible recession hitting and lowering home prices?

Some background: I don’t think Florida prices will be too far impacted, however I have a room to rent from a friend for some time, it would lower my month bills nearly in half and give me money to put away (id have my CPA allocate the funds so they're not just sitting) to purchase multiple properties when the markets less of a sellers market and more of a buyers. I don't think it'll be a real buyers market soon, but at least better as the supply chain corrects and new homes are built.

Looking to expand into real estate further but this market does not leave a lot of room to purchase another place right now. I figure pull my funds and come back in 6mo to a year with more money in pocket ready to move on multiple properties in a more stable market and focus on more cashflowing properties. 

Thoughts?

 I don't think you want to sell yet. I think there's still growth left in the market over the next couple of years. Maybe you can live there and rent out the other rooms so that you have high cash flow over that time period the other option is somebody mentioned is to tap the equity in the property as a way to continue to grow your portfolio. Of course if you do want to sell you should be able to get top dollar in this market.