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Updated about 9 years ago,

User Stats

40
Posts
2
Votes
Marcus Norman
  • Banker
  • Portsmouth, VA
2
Votes |
40
Posts

Should I Hold it or Sell it-Virginia Real Estate Investor

Marcus Norman
  • Banker
  • Portsmouth, VA
Posted

Good day, question for you all! I currently own my home and have been renting out bedrooms in my 4 bedroom house, with much success for the past three years. It was my first home but now I feel like I'm missing out on a bigger real estate opportunity by not purchasing a multi unit property instead of this single family home. My house is worth $230,000 and owe $188,000 on the mortgage as of today. Should I sell my house, use any excess profit I make to purchase a duplex and start over from? Or do i stay where I'm currently at, continue to rent out rooms instead of whole units, and save money to purchase a duplex further down the road? I feel like I'm running out of time because mortgage interest rates are still pretty low and it is only a matter of time before they go back up again. Any and all feedback is much appreciated

Sincerely,

Marcus