Selling High or Keeping a Great Property?

[Nick Vought]

BP Family! 

I am reaching out to all of you to help me try to solve this cross road I am at. 

I currently own a Fourplex that I had purchased 2 years ago for 450k with an FHA Loan. I do not have a lot of equity in the property, but have updated one of the units. I am currently cash flowing about $1,200 with possibility for more when the other units are updated.

Right now in the Salt Lake City area properties similar to mine have been selling between 650k and 750k most of which do no get the amount of rents I get and our older properties. Side note this all being said, if I got an appraisal it would most likely come in closer to 550k-600k.

I have always wanted to do the BRRRR method to be able to purchase more properties faster.

So my question is this, should I keep the good property I have and just slowly try to purchase properties with money I have saved and private money OR should I sell my place and 1031 exchange into a property I can put 20% down, rehab, refinance and repeat?

Any input would be greatly appreciated!