Long time listener, first time caller.
I bought a SFR as an investment property in 2013. It was a REO foreclosure sale, with a tenant, and needed some work. Long story short, in 2020 my tenant moved out, I did a cash out refi with a 3.875% rate, remodeled, and increased rent and overall value. It currently cash flows $700/month after taxes, HOA, insurance, etc.
If I sold, taking into account the costs to sell, I could make between $390-$440k in profit. I would 1031 exchange that into another rental property. I would like to get into a 4plex, or even a 5-6 unit apartment building.
Is it a crazy idea to sell? I want to level up into a multi family property that can cash flow ~4 times what I’m making now, and can build more equity.
What would your advise be for someone in my position? “They” say never sell…
