Hoping for some guidance. Have a duplex for 11 years, paid 740k, upside down 500 month due to not raising rents (great tenants-take care if everything while i moved 1600 miles away) and buying home at height of market in 2005. House will sell (i am told for about what i paid for it.) Question is should i keep it and try to gradually raise rents and deal with new furnaces and repairs that will come up soon or sell it and walk away with less then I initially put down plus the losses every month. In 19 years i will hopefully have a million dollar property paid for or i could pull out the 100k and invest in a small property closer to home in houston and hope to have a positive cash flow every month but wont have the seven figure property in 19 years. Just hard to lay money out every month and be so far away. What would you do?
is it possible for you to sell it ?
I’m considering my first real estate investment now. I’m torn between buying a nice condo in downtown LA that I believe will appreciate in value over the long run and buying a duplex in a less upscale part of town. I’m trying to decide if I want to make the investment that will cost me a little per month, but get me a bigger payout in the end, or the investment that may pay for itself, but won’t necessarily appreciate in value. Any advice would be welcome.
Is the duplex side by side? If so, check with your county zoning dept to see if you can split the property into two separate lots that can be sold off individually - the parts are worth more than the whole.