Considering selling in Raleigh

[Matthew Murray]

Hi All,

I am a young investor, 23 years old. I have a property in southwest raleigh, the property is in the Lake Park community and the address is 1220 University ct. I am looking for advice on whether I should sell or not.

As a quick background, it is a 4 bed room, 4 bathroom condo and produces about 1200 a month in cashflow. However, I spend a lot of time managing it as I am renting out by the room and the tenant profile is lower income. That creates a lot of work for me, especially because real estate is not my full time job.

I am considering selling because currently I have about 125k in equity, and at my age, that capital would be amazing to have and I could use it to buy more properties that align more with my goals (ie not spending as much time managing). In addition, it would give me a cushion.

I am debating whether selling is a good option or if there are better paths I could take.

Thanks In advance and please ask for more info if it is needed!

[Joshua Bautista]

Try 1031 exchange or cash out refi.  Maybe cash out refi isn't beneficial because the intent is putting the money down to acquire another property on top of your current property and you said RE isn't your full time gig.  1031 exchange might be the move and just acquire a property in a place where your tenant profile upgrades.  Then maybe hire a PM for this.  Anyone want to chime in?