Should I sell my rental property in NY to buy in Florida?

[Jack Ohara]

I bought a multi-family property 2 years ago in long island, ny for 437k and is now valued at 600k. The property cash flows about $600 a month, if everything is going well. However, I was wondering if it makes sense to sell it now with the high quick appreciation and go to a better cash flow area like tampa or orlando and buy multiple properties or pay full cash. I would be trying to secure maybe SFH to Fourplexes there.

Thanks!

[Rene G.]

Jack, have you considered leveraging your equity instead of selling outright? Get with some banks and see what options you have that would allow you to keep your NY asset "and" invest in FL. Maybe look into a refi/cash-out or a HELOC. I like to try to increase my Net Worth and I'd rather not get rid of a performing asset if I can help it, but that's me. Maybe you'd rather focus on cash flow primarily. After you research everything, go with your gut.