All Forum Posts by: Kendrick Okafor

@Brett Voorhees

Thanks for all of your input, very insightful. After much considerations I've come to realize that at this point I can get a higher return on equity elsewhere. So I'll be selling. I'm definitely focused on being pretty active in the market in 23' as more deals begin to come on market. I'm gonna send you a DM, hopefully we can do some deals together since you're in my area. Thanks again!

@Gordon Starr

You're absolutely right! Things are getting more shaky every week. Time is of the essence. Property is vacant and should be listed in a few days. Thanks!

@Billy Daniel

Yeah you're right Billy. I'm looking at my return on equity and I'm gonna sell. Thanks for your input. And you're right about the hurricane, not to mention the impact it'll have of Florida's already insane homeowner insurance situation. Best of luck! 

@Conner Olsen Thanks Conner! I've recently come to understand that term "return on equity". That is the key in this situation. Time to sell. Thanks!

@Taylor Dasch

Thanks Taylor! Very insightful. After crunching the numbers I've decided to list it for sale. I think the market is heading down near term and it'll give me a strong cash position to grab more deals. All the best!

@Sylvia H.

Those were my thoughts exactly, thanks for your input.

Hello everyone, I’ve been debating back and forth whether to sell my property or not. 

I own a 3/2 1200sqft sfh in Ft. Lauderdale built in 1958 that I purchased in 2020 for 235k. I put a new roof and did minor upgrades on the interior, paint ceiling fans etc. Fast forward, I got married and moved in with my wife who had a newly built town home. 

I’ve rented the place to friends short term (month to month) but now it’s gonna be vacant next month. My long term goal is to have enough properties to cash flow about 6 to 10k per month. I’m mid 30’s and do about 90k per year at my full time, my wife does about the same. The property can sell for about 350-385k right now. My mortgage is about 180k 3.5% interest rate. My monthly expenses are about 1600 (tax insurance mortgage). Rents currently are from 2300 to 2700 per month. Airbnb seems to be about 120-150 per night. I want to own more properties and considering the age of the property, the equity, and the tax situation was considering selling to get more capital to invest and have ready if the market dips a bit next year.

1) Do I sell now and take the profit and try to purchase 2 properties next year? (I was thinking I’d be able to take the profits tax free since I owned it as a primary for over 2 years).

2) Spruce it up a bit and get it ready for new tenants to lease annually? ( it’s gonna likely need paint, new washer/dryer and stove)

3) Fix it up and furnish it for str abnb? Not my fav option because I’d have to put a lot of money and time into it to furnish and manage and I don’t have a pool and I’m not sure I’d get more than 150 per night and with vacancies that’d be comparable to annual lease rates.

Thanks I’m advance for taking the time to read my post and share your thoughts and opinions.