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Updated almost 7 years ago on . Most recent reply

User Stats

78
Posts
40
Votes
Michael M.
  • Investor
  • Bronx, NY
40
Votes |
78
Posts

Hold or Sell in the Bronx

Michael M.
  • Investor
  • Bronx, NY
Posted

Hold and rent out or sell?

I was offered 300K more than my house is worth (a 2 fam).  Currently, my mortgage is 2000 a month and my rental income is 4600, which leaves me with 2600 a month income after mortgage.  My calculations tell me to sell and reinvest the gains into the market and buy a 3 fam for the same price that my home sells for.  The rent vs. sell calculator tells me to keep the house and rent out (http://renterswarehouse.com/rent-vs-sell-calculator/).  Am I missing something, or is it because the calculator assumes I am getting market price?

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