Should I sell or keep my condo??

[Corey McMahon]

Hello BP Family :)

I'm Corey McMahon, an active real estate investor, and I could use your expertise on a situation I'm facing.

Currently, my mom and I are 50/50 owners of a condo in downtown Toronto, Canada. Additionally, I assist my mom in managing another rental property. However, I'm at a crossroads and need some help!

I've been considering my next move carefully, and I'm leaning toward entering the short-term rental (STR) market. It seems like a better fit for my goals.

Here's the challenge: Our tenant of 3 years recently left the Toronto condo. While I initially thought about moving back, the mortgage and maintenance fees are steep at $3,650. Even with my mom's willingness to split the costs, it's still significant.

Considering this, I'm contemplating selling the condo. I believe the proceeds and potential profit could be better utilized in an investment with positive cash flow, especially while I'm focused on building my personal wealth.

I've taken steps to enhance the property's income potential by applying for an Airbnb permit. However, if the permit doesn't come through, the maximum we could get for a one-bedroom rental in Toronto is around $2,400, even with a long-term tenant.

Your thoughts or experiences would greatly assist me in making an informed decision. Thank you in advance for your input.

Best regards,
Corey McMahon