Should I sell or should I continue to hold

[Tom Thomson]

So I purchased 3 homes back in 2018 in the Indianapolis Market for roughly $200,00 -$215,000 each.  Put 20% down and they have all cash flowed nicely but as the market has gone up these homes have appreciated 20 to 25% in just 3 years.   What was then producing a 13 to 15 percent cash on cash return is not only giving me a 5 to 6 percent return if I consider my equity position.  Obviously we don't know when the hot market is going to cool down but it makes me wonder should I sell take the equity and put that into other deals and try to maximize my cash on cash return or do I ride it out for the long haul and take the lower return on equity returns knowing that my tenant is continuing to pay down my mortgage each month even if appreciation slows.    I think Indiana will continue to be a great place to invest I just don't know when of if I should take advantage of the strong housing market over the last few years and sell now.   Good issue to have just wondering what other investors thoughts are.    

[Ronald Allen Barney]

If they have good positive cash flow I'd refi or HELOC to deploy the equity into more doors. If it's not good cash flow I'd sell and deploy the equity into more doors.