Keep it or Sell it? 4 family in North Bergen, NJ

[Orkeem Davis]

Should I keep it or sell it?? I own a 4 family - 3 family apt building and 1 single-family home on the same block and lot and I purchased for $1,100,000 and its appraising for $1,325,000. The property is non-owner-occupied, and it currently brings in 9k monthly rent roll. One tenant is moving soon and after that unit is renovated, I will bring in close to 11k monthly rent roll. PITI approx. $6200. Utilities approx. $800 monthly. I could have approx. $250,000 - $300,000 in equity at this time if I am able to sell for 1.3 million - 1.4 million. Should I keep it or sell?

[Tim Ryan]

If you will have, say $300k out, you will need to anticipate in our current lending environment that you will need 25% down for next purchase. Or if you can get lower LTV then funds for some rehab. Then your funds will buy you around $1.2m to $1.3m in real estate. Wait, you already have that and it appears to be really good cash flow. I'd hang tight and enjoy your cash flow for a while and the asset on your balance sheet. We will have a real estate correction in the coming years and you could look at making a move then. Or not, your profile says "Rental Property Investor". Have patience with real estate, it pays off big over time.