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Updated over 3 years ago on . Most recent reply

User Stats

14
Posts
6
Votes
Elijah Crew
  • Property Manager
  • 1101 Foulkrod St, Philadelphia PA
6
Votes |
14
Posts

Rental Property question.. Need Advice..

Elijah Crew
  • Property Manager
  • 1101 Foulkrod St, Philadelphia PA
Posted

Hello,

You guys have been amazing! I am so glad to be apart of this community, you all have been nothing but nice and respectful to every question I have asked so I just wanted to start out by saying thank you. Now to my question. A property is owned outright worth 200k, it is in appreciating area, but not the best school district and not the nicest area. Should It be sold to gain multiple more rental properties in nicer areas better in every aspect? Better more well known school district, more businesses, friendlier neighbors, etc. I know I have been hearing that selling should always be the last resort but the 200k could be used to obtain multiple rental properties. Would it also be a good idea if the property would be sold for the 200k use half to pay down the property of primary residency and then use the other half to of course obtain some rental properties for passive income. Or is there something else that I am missing, an even better course of action to take, if so please inform me. Thanks again !

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