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Updated about 1 year ago, 11/17/2023
To Sell or to Hold?
First post here and Im just looking for some guidance as I've been doing it all myself since 22 and now I'm 25 and finding a mentor has been difficult for me.
I currently own a rental property that generates $2,875 in gross rent. After expenses I take home ~$1,351(Mortgage, Water/Sewer landscaping etc).
This rental is valued at ~$275k I owe ~$140k as I bought the property back in 2021 with a 3% interest. This rental is not my primary residence as I live in a different city.
I've been contemplating on selling the rental and using the funds to flip properties. I've done only one flip in my life and that helped fund the downpayment for the rental so I wouldn't say doing a flip is scary as I've done it before. I'm just looking for the best decision to make and how to grow my real estate portfolio and not sure if holding the rental will do this but again due to not having someone to learn from maybe holding the rental is the better decision.
Any guidance and help would be much appreciated, thank you.