All Forum Posts by: Armando Paz

@Jonathan Greene I saw a comparable that was listed for 360k. Sat for a month or so before being put under contract. I assume the location has a big part in that. Given the market, not sure if I'll be able to get a selling price in the future similar to what it would be now.

@Jaron Walling the property is cash flow positive. I pay my taxes through my mortgage so the monthly payment of $2100 includes taxes. NJ taxes are pretty bad and the fact that it's a registered 3 fam doesn't help in the city. Up to this point all expenses have been paid for through the rent income so I haven't had to pay out of pocket for anything. In the last 4.5 years expenses have been roughly $17,000 (replaced all 3 heating systems with tank-less hot water heaters). ROI would be, roughly, (345k - 192k)/192k = 79%

Hi all! 1st time poster here, but lurked for quite a while.

I currently have my first rental property (3 family in Paterson, NJ) that is fully rented and going strong so far. With the market being in favor of sellers here, is it time for me to let it go? I've had the property for about 4.5 years and maintained it myself. If I did decide to sell it'd be with the intention to reinvest in another area when property prices go back down and houses appreciate more. I'm not planning on retiring soon (29 Y/O). Any advice is greatly appreciated. 

Some details:

3 fam, mortgage of $2100 (taxes are about $8,600 and climbing), Monthly gross income of $3,100, balance of $160k and estimated market value from what I've seen is $340-350k. If it sells for $345k I'll be netting about $120k give or take after taxes and fees.