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Updated over 5 years ago on . Most recent reply

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James Woyton
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Should i sell or refi

James Woyton
Posted

I own a duplex in cleveland (North collinwood area).   I dont owe anything on the property, ot was purchased and completely reno'd cash.  I have about 60k in it and it is worth about double now.  I was planning on selling and possibly looking at a fix and flip while the market is still high.  I would eventually want to buy some rentals and ecentually work my way to large number of units apartment complexes once i had enough for a down payment.   What do you guys think, should i sell or refi?  I wouldnt have to pay any taxes since i lived here for 2 years.  


Also i will be moving regardless if i keep it and refi. 

taxes and expenses are 3600 a year and rent is 1700 a year.

Most Popular Reply

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653
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768
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Ryan Evans
  • Rental Property Investor
  • Cleveland, OH
768
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653
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Ryan Evans
  • Rental Property Investor
  • Cleveland, OH
Replied

How well does your agent know the neighborhood? It's easy to pull comps from over in Euclid and pump your numbers, but only a couple doubles have sold for over 100k in the past two years. And I get my data from the MLS since I have my license as well. Even if you can get it appraised at 100k and take out 70k then you'll be in a great position to flip or buy other rentals and you can still sell without paying taxes within a couple of years, so maybe that's worth considering.

Single families can sell for more, but they're really in a different property class with a different set of buyers. 

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