Sell or Hold in Oakland, CA

[Julie L.]

Hello, 

I am new to BP and have been listening to podcasts, going through forums and posts. What a great site to connect us REI's and tons of useful information that already has been put in motion. I have started working with an agent I found here as well for out of state purchases. Great communications already!

Wanted BP's advice regarding selling a property in Oakland, CA. We listed it 2 weeks ago and have not had any offers on the property. Oakland has been hot and heavy for the last couple years so we aren't sure what's happening. We are trying to decide whether we should pull it off market and put back into the rental market and hold for a couple years, see what happens with the market OR keep on market for another 1-2 weeks and sell when an offer comes in. 

Our goals: We wanted to use the funds to do buy/hold rentals and flips and become more invested in RE over the next 5 years in and out of state. We updated the property and have incurred holding costs while the property has been vacant with remodeling. 

Should we just hold and use equity to buy more properties or sell for what we can get and use the cash to finance new purchase down payments? 

Any advice would be helpful! Thank you all!