What is your real opinion on the market? Do we sell now..

[James Robert]

I bought a house for 325k last year, a comp renovated 10 doors down is up for 540,000. 3/2 same as mine, 300 square foot bigger. Do i fix this up with 20-30k and cash in my chips and look for a new opportunity. Its my primary. This mortgage is too much for me anyway and i feel i could use this money to eliminate hard money lenders in my flip business. Do I do it? I am not a buy and hold guy simple as that. I am a flipper as my job i have done 5 flips now and am a full time real estate investor. If I sold this I would just buy my deals in cheaper areas for cash. I plan to rent for a year if I do sell this. I am also a licensed Realtor so I would not pay to list. What would you do? I will have about 50k liquid after selling my current flip without selling my primary. 

[James Robert]

Quote from @Bill B.:

Obviously you’d never sell until you’ve lived there 2 years, that’s a 5 figure mistake. 

Renting for a year would probably also be a five figure mistake. Unless rates are finally cut and prices rice, then maybe it’s a six figure mistake. 

If you really can’t afford the payments and don’t want to house hack you can wait until you’ve been there two years and sell. I wouldn’t recommend it, but I would never want the stress of an uncomfortable mortgage payment. Good luck. 

 Thank you for your response. Our views may be a bit different. The market could change next year nobody knows. A house by me just went for 75k over ask. I am in a low tax bracket as I take alot of write offs. I just don't know if its worth the risk of waiting for the 2 year mark. When a good comp sells, its usually time to make the move. As a Realtor thats what i see. Mortgage is 2,850. I can rent for 1,200. I am totally fine with decreasing my lifestyle and being heavy liquid. The money I would make eliminating hard money lenders out weighs my capital gains