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Updated over 6 years ago on . Most recent reply
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Should I keep or sell my duplex?
Hi BG,
I'm new to the group.
I purchased a duplex in Miami (Coconut Grove) for $180K about 8 years ago when he market tanked. Today, the neighborhood has been completely torn down and renovated. My duplex is the oldest and ugliest in the community. It's currently cashflow positive about $200 per month and has a market rate of about $240K-$300. The value is mostly only in the land since the surrounding properties are all new and are selling between $600K and $900.
I'm not sure what to do:
1. Sell now and reinvest elsewhere.
2. Hold.
Is it possible to partner with a developer and have them build something new and then we split up the sale profit?
I'm not sure what to do.
Any advice?
Thank you!
Andres
Most Popular Reply
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Hey @Andre Valdes,
Rather than tear down, have you evaluated doing a gut renovation to bring the property in line with the rest of the neighborhood from a fit & fittings standpoint? If you could do that and tremendously increase your equity, raise rents you may be able to improve your cashflow and then take out some of the equity and go invest it elsewhere.
It seems like you are sitting on a huge opportunity to develop some equity, just have to look at all the scenarios and see where you come out best.
If you sell, while you may get some walking money and a nice profit, you are likely leaving a lot on the table for the new owner to capitalize on.
Good luck.