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SELL villa for a multifamily OR HOLD for more cash flow?
Hey!! I currently own a cute villa 2/2 in West Palm Beach Florida, in a 55 and over community.
PROS of this villa: Great tenant, villa has appreciated 100k in 5 years, low HOA fees, locked in a Low interest rate.
CONS: 55 and over community, tenant paying below market rent, the community board is untrustworthy and are accusing us of not paying HOA dues for 2 years, but that's a whole other issue I need a lawyer for. Concerned about the current state of Florida market.
So here is the situation that I need advice on. What's the wisest decision to make on this at this point?
1. Do I raise the rent and make $600 a month on passive income, keep the property and chance this home not appreciating much more bc of what's currently happening in Florida with excess amount of inventory sitting there?
OR....
2. SELL it , keep the 90k profit and re-invest it to buy a multi family property in a different state? What are your thoughts???
PLEASE ADVISE!!
Appreciate any help.