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Updated over 10 years ago,
Property is increasing in value, sell ?
Quick synopisis : I purchased condo ten years agao for 219,000. It is currently valued at 245000 and is increasing. It's in a multiunit highrise in quincy mass with a pool on roof. Price per sq ft in building is on the rise because its a growing area and close to downtown. I owe 134,000, my taxes are 2780, condo fee's $334/mnth, mortgage $931. I have a great tenant who pays $1300 plus her own utilities. My question is should I sell and take money to buy a multi unit home in a less desirable area or hold on to it. I want to try being a landlord but thus far I am not making any significant money. I like the idea of selling and using the equity to buy a multi unit home. Or I could hold onto it, save some more money and buy a multiunit but it will take me longer. Any ideas would be great.