Looking for advice on my BRRR deal

[Tom Manna]

Hey all!

I’m looking for some advice on my current triplex..Its my first buy and hold

The deal..

3 family in southern suburbs of Boston in need of major rehab.

PP $170k

Rehab $270k

all in $470k

ARV $675k

My original plan was to BRRR this and hang onto it long term BUT seeing what I could now sell it for. I'm weighing the pros and cons of selling and renting it out.

total gross monthly rents.. $5,500 which should have about $2,000 in cashflow. After I refi I should be able to pull out around $25-$30k

Or I could take the profits of the sale (just under $200k) and wait until the market cools a little then buy something bigger.

I know this is a situation depending question but any insight would be appreciated!

Thanks!!

[Allan Smith]

I am of the opinion that the market temp could be a new normal to some degree. I don't think "waiting for the market to cool" is a valid strategy. I used to think the same way, but in nashville it's full steam ahead. Last recession our prices didn't drop much. Australia is on a 27 year expansion economy so it could happen here for all we know!