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Updated about 5 years ago,
Age old question, buy or sell then reinvest to multi-family
Here's the situation. In Caldwell Idaho I have a single family home that I paid cash for back in 2019. I had a single renter from that time until now. the tenant is pack out the last of their items tomorrow. The value of the house has increased by 3 times from what I paid for it. no loan on it. So is it better to leverage the equity by selling it and using a 1031 exchange to say a multifamily unit? or keep it as a rental. I'm worried that by renting it I would be losing opportunities to get more cashflow. My end goal is to increase my cash flow.
Since I'm not finding any multi-family units, what's the best way to find them? location doesn't really matter to me at the moment as i'm living in colorado north of Denver where everything is overpriced.