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Updated over 3 years ago,
To Sell or to Rent that is the question
So first I want to say thank you to the Biggerpockets my gosh I have consumed so much material Over YouTube and soon the forums to give me the confidence to push forward on my investing journey. I haven't signed up for Pro just yet but I will be soon and going to the next bootcamp really all of you thank you so much it's like I found my tribe and it is so refreshing to be around like minded individuals.
Ok ill try to keep this as short as possible so instead of going through all my numbers ill say this. Currently I have a rental property in IL I decided to rent It out and moved my family to FL. We had a tenant very quickly properly screened and so on well they have to leave and the property only cash flows 183 renting for 2050. That rent is currently high on Rentometer though my sfh can command that kind of rent. Zillow and my property manager believe we can go to 2300 now but it'll cost another 2,000 for a new tenant. I am not a fan of the finders fee as it murders my cash flow for the year. I am going to look for some other property managers and see what they offer as competition but that aside I am trying to expand into more real estate while I am stationed in CA. I've decided to go the flipping route lol nothing cash flows here now a days and I don't think I'm insulated enough to do remote investing at this time. I am planning on doing a few flips and using the proceeds to start remote investing performing BRRR's all over the US. Lastly I refinanced this property a year ago so after closing and fees I would see APX 65K in proceeds or I could take out a heloc and see 80-90K and keep my property. Lastly I am a little wary of this property because the lot retains water so during heavy raining though it doesn't go to the house does make the backyard rather unusable. The house did have minor flooding in the crawl space and is on a minor flood plane that I do have insurance for. So here's the question should I keep or sell this property?