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Updated over 8 years ago on . Most recent reply

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Drew Lessa
  • Investor
  • Philadelphia, PA
0
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1
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Sell to Investor or homeowner

Drew Lessa
  • Investor
  • Philadelphia, PA
Posted

Hey everyone,

I'm new to the bigger pockets forums and I am new to investing so I'll put my situation out there to see what all of you think. I currently have a property located in the suburbs of the Philadelphia region; Norristown to be exact. The comps in the area range from 150K-200K, but the cash flow on the property is amazing. I'll give you the numbers below for review. The house was completely renovated 4 years ago with brand new plumbing, heating, electric, roof, bathroom, and kitchen. I lived in the house for the past 4 years as I was (house hacking) as Josh and Brandon mention on the podcasts. I rented out rooms to my friends and I lived in the house without paying a mortgage. As I recently got engaged I am looking to sell this property and buy some multi-family. 

Property Specs: 2,500 Square foot house with 5 bedrooms and one bathroom. I can attach pictures if needed. 

Rent - $2,600 a month ( I charge 4 separate people $650 a month but this includes all utilities). 

My demographics of tenants have been young professionals. 

Utilities - $600 (gas, water, electric, sewer, cable, internet) Tenant doesn't need to pay anything or fight one another for utilities. 

Mortgage, taxes and insurance is less than $1,000 a month. 

Cash flow on this property with no maintenance issues has been $1,000 a month. 

Now my good friend is in the real estate business thinks we should only market and sell this property to a family, but I think this is a great opportunity for another investor, especially considering the cash-flow is decent. I would keep this property, but my only down fall is the way it was purchased. I used a local program where I was given some cash at closing by the county and they put a second lien on the house for 8 years, so I'm not able to refinance to pull equity out of the house to buy more property. I will payback the second lien when the property is sold. 


Do you think I should listen to my friend who is an agent and also someone that (flips and wholesales) or should I try to sell this to investor as a turn-key property? The house is currently 100% occupied with lease agreements in place. 

Thanks for your help on my first post and first real estate sale. 

Happy Monday!

Drew

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