Quote from @Jimmy Lieu:
Quote from @Shawn Ward:
I bought my first home in February of 2021. I paid $96k and have been working on it while living in the house. I’ve recently tossed around the idea of selling. 3 different realtors have all told me it would sell for upwards of $170k due to the renovations and high house prices in the area. After all expenses/fees, I would be able to put a check for $50k to $65k in my pocket depending on what it sells for. I would then use this money to purchase a multi-family rental property. My question is, should I sell my house or have it appraised and refinance and keep this as a single family rental unit? I would not get be able to pull as much money out on the refinance (maybe $25k-$35k depending on appraisal), but I would be able to keep it as a rental property which would cash flow roughly $250/month. Any advice?
Hi Shawn, so I'm an investor and agent here in Columbus Ohio, and I'm going to be completely honest, if a property is netting you $250/month, you should keep it. If it's a positive cash flowing property, by all means you should 100% keep it and then just keep doing a cash out refinance every few years. Columbus Ohio is absolutely blowing up and getting tons of appreciation, you honestly shouldn't sell anything and you should try holding on to all of your properties as much as possible. With that being said, you should look into doing the cash out refi or HELOC. There's so many positive cash flowing and 1% deals here in Columbus, I've sent quite a few to my clients this past week. As an investor and agent here, if you have any questions or need any help, would love to connect!
@Jimmy Lieu thanks for your reply! So I’m not actually right in Columbus. I put Columbus as the location so people would know i am in central Ohio. The property is located in Marion. Do you know anything about the Marion, Ohio market? If so, do you still think it would be a good idea to keep the house? If I sell, the money I make would be put towards buying an investment closer to Columbus like Delaware, Polaris, New Albany, Hilliard, etc.What do you think?
