All Forum Posts by: David Pham

Im a broflake investor, now I know what I need to do.  Thanks!

Hi, BP forum.  Im in a conundrum and need your advice.  I'm very new in real estate but I do have a house co-owned with my mom in Long Island that we purchased back in 2014.  The thing is, we paid in full for this house with no mortgage where I paid half and my mom paid half for a total of $325000. 

We put about $30000 in repairs (also split) and the total is 355000. 

The house is probably now worth $425000.  My mom wants to sell the house because it has become too much for her to handle. 

The rent is currently $2700 monthly.  Taxes $10000 annually.  Add about $5000/yr for insurance and maintenance.

I see this as an opportunity. I could either refinance the house for a mortgage OR I could sell it. I would like to refinance the house, but despite the equity gained, I feel that my cash on cash ROI would be low.

I could either refinance for 75% and be paying a small amount out of pocket, while pulling out some gains in equity

I could refinance for 50% and be making $300/month, with the downside that I don't pull out any equity

OR I could just sell it and use the money for something else.  For me, Im very slow to make decisions and I'm a newbie so selling it would give me that high amount of cash that would probably sit around for a while...

What would you do?