All Forum Posts by: Shunnel Williams

Thank you for your replies!

1st tenant (that came with the house)- she is a Section 8 tenant and clearly knows the game better than me hence the prolonged delayed Marshall’s execution.

I cannot have 2 Government assistance programs in the property at the same time since it is not a legal 2 family. CO states single dwelling (converting to a 2fam will cost upward of $100k- not an option).

If I hold out- the property will have net profit of $600- possibly more if I refi again to bring my rate down. 

If I sell- the equity (assuming it sells with a resulting profit) I have every intention in a 1031 or 1231 deal for another property in the PA, Ohio area

Hi all!

Reaching out for your experienced opinion on my current conflicting battle on whether to sell or keep.

I purchased my very 1st investment property in Jan 2023- it’s a Mother/daughter. The property was occupied (still is) with 1 tenant that I am now having the exhausting pleasure of evicting. 2yrs later, said tenant continues to try every angle to delay the court granted Marshall’s execution.

The “2nd” floor was poorly renovated (bad contractors), new tenant moved in and a year later, another eviction process has started as they lost their job and refuse to move or pay.

Stuck with a very large mortgage bill (that I am paying), utilities and making small repairs to keep the property up also noting the casual 311 complaints from both tenants. I’m now struggling financially. I don’t see the value with time and effort owning this place but as a new investor, I can’t help but to consider if I hold on to it- if it will then become net positive.

I refi in Oct 2024. Purchase price $525K, appraised for $760k (no major nor significant Reno was had). 

NYC eviction process is not for the weak. Unsure with the amount of Reno needed, tenant occupied and evictions in place - if the property will sell as it. 

What advice can you provide if any. 

Thanking you all in advance.