Keep or sell, what do you think?

[Alana Reynolds]

Hello! I am having trouble deciding on selling or keeping my house in Jersey that my husband and I have been living in since 2020. We have made major improvments, new roof, windows, kitchen total rehab granite countertops and added bedroom. Purchased for 180,000 and now it may be worth 275,000 or more

I like the buy and hold rental stradegy and want to keep it and rent it for 2200 a month. The mortgage is 1400. Its in Northfield NJ. Great neighborhood. Solid house 3 bd 1.5 bath. 

my hubby wants to sell, he received orders to Jacksonville FL and we could buy a multifamily with the proceeds from the house. 

I want long term growth. I was thinking of getting a Heloc and keeping . Pros cons? 

Buy or sell?

thanks!

[Jocelyn Kaufman]

Wow, that is amazing! I was in your situation about 2 years ago. I put a lot of work into a property that was a mother-in-law single-family home and I was able to really showed the property's value. I wanted to expand and I looked into doing a cash out refi or selling. I ended up selling the property and using a 1031 exchange into a 10 unit building. It has now snowballed into 49 rental units in just 2 years. Sometimes it is scary to sell or it sucks to sell something you have worked so hard in but if you can turn it into something bigger, why not? 

On the other hand, if you are able to get a cash-out refi and you can stay in positive cash flow you can keep your current property and still expand. That may be a good option to look into as well. 

I hope this helped! 

-Jocelyn :)