Hi all!
I'm new here, but a long time listener of the podcast. My husband and I run a contracting and design company but have wanted to start an investing career. We live in NYC and it's becoming increasingly harder to run our contracting business from our tiny house. We're ready to pack up and move to a different market...but do we sell or rent out our Queens property?
If we sell, we can make almost double what we bought it for in 2012. We would then use that money for our move and to purchase a multi-family and a flip to get our investment career going. (Happy to get into detail if anyone is willing to help us with this decision).
OR we rent it out. We could probably make double what the mortgage is and have an asset in NYC, but we'll have to get someone to take care of the property, bc we're hoping to move to the west coast.
What's the best way to weigh your options? If we sell, that's it - we no longer have an asset in NYC, but we have more money to get our life started - or do we think more long term and keep it?