All Forum Posts by: Jorge P.

@Christopher Veljkovic I have to agree with you. My intensions were always to keep it but then I hit a temporary cash squeeze which clouded my vision. However, I got over the cash issue & now I can afford to keep the property. Once i BRRR it , I'll be making about $130k net at closing & $1k net per mth on cash flow... not a bad deal in my book, would you agree?

@Caleb Heimsoth gotcha. 

I decided to keep it because It’s gets me closer to my goals in terms of cash flowing units :-)

@Caleb Heimsoth nope, I’m actually keeping it. But im happy to send you 1099 for the advise 🤓 

@Jason Lee your 100% right. I actually received another cash offer over the week... very interesting 

@Thomas N. Thank you for the comment! To answer your question. I invest in the outer boroughs of NYC . I was able to pick this one up from a private seller who I tracked down via delinquent  tax liens.

Keeping the property does align with my goal of purchasing  2,500 cash flowing units in the next 5 years. I dont know that I would have all of them in NYC given how expensive & competitive the market is. 

You should try going after off market deals in order to get below market prices. Have you been doing that? 

@John Teachout I hear you , It makes sense. Thanks for the tip!

@Mike H. That’s def a very solid option! 100% thank you mike 

@Van Blackman Thank you so much for weighing in. I would have to agree that selling now vs selling later would be a much wiser choice. If that was my dilemma.. the hard choice I'm debating is BRRR'ing it & keeping it as a cash flowing property or selling it and moving to the next.

After closely analyzing the property as a hold , I think I can get a much better rental with the funds I get if I sell it. This is where I stand at the moment :-) what do you think? Would you keep it or sell it?

@Randy E. thank you so much for the amazingly helpful advise. You make some very valid point : 

"don't assume the other person is making a mistake by offering you so much so soon after your purchase. Consider the fact that maybe you made a mistake in your original estimation of how much the property was worth. Maybe the area is appreciating much quicker than you expected."

Im def gonna take a closer look at the marker &  re- evaluate. I can def afford to keep it and renovate it but I feel the house would not be that great of a rental property & I can get a much better one. This property when renovated will be a 3br over 1br which is not bad... it will cash flow about $1k/mth. However , I have a 3 family I can purchase if I do sell this house that will cash flow $4,000/mth after I renovate it. Selling will def help me take advantage of the better of the two properties. 

or should I find a creative way to keep both?  what do you think Randy?

@Manon Sheiman thank you for advise. 

Capital Gains in def a factor in my decision. As you may already know, if I BRRR it I won't have to pay capital gains & I'll have a cash flowing property.

I guess the question I need to answer is: 

If I were not tight on funds... would I sell the property now or would I keep it?  (This is an “Aha” moment for me). 

If I was not tight on funds - I would prob still sell it, because I’m not in love with the bedroom setup of the property & think I can get a better rental in a better location. There’s my answer :-)

Thank you guys for helping me get clear on this.