Posted by Les Browne on March 30, 2006 at 05:36:55:
Thanks for the advice Ed and others that responded to the post. I live in CT. Married with two children under 3. I’m not an avid investor I was just looking for a way to stop renting and save money for a single family home. I think I’ll take you guys advice and not rush into a SFH just yet, while keeping the current property even after the purchase of a single family home.
Should I sell or wait??? - Posted by Les
Posted by Les on March 28, 2006 at 20:24:51:
Bought a 200K triplex 2years ago. Realator came by and said it should sell for around 300K. I bought with the idea of living in one unit and renting out the others while saving money for the purchase of a single family home when the prices begin to stabilize or drop and keeping the triplex as income. Should I cash in now or should I wait until home prices stabilize.
Re: Should I sell or wait??? - Posted by Ed Garcia
Posted by Ed Garcia on March 29, 2006 at 09:35:28:
Les,
First of all we don?t know anything about you and the area your subject property is located in, to give you an intelligent opinion.
If you?re an avid on going investor who is in the hunt, then I would say sell. The thinking there is, ?a quick nickel is better then a slow dime?. Turn your money. However if you are just dabbing in REI, have nothing on your plate, haven?t been looking and don?t know when you?re going to buy another property, then there?s no hurry.
Les, ask yourself some questions like, what will the property be worth in 2 years?
What will the property be worth in 5 years?
What would I do with the money if I should sell to make more money, verses keeping the property for rent and future appreciation?
Food for thought,
Ed Garcia
Re: Should I sell or wait??? - Posted by Tim
Posted by Tim on March 29, 2006 at 06:41:34:
Even if the housing market tanks there will always be a need for rental properties. Keep that thing for as long as you can.
I wouldnt even sell it when you want to buy a new house for yourself. Try to work it so you can keep it and therefore keep the rental income.
You never know when you will need the money from this property.
Tim
Re: Should I sell or wait??? - Posted by James Harris
Posted by James Harris on March 29, 2006 at 06:09:59:
Wait, definately wait. If you are looking to up grade your living arrangement, then consider the possibility that this property is giving you an income that you will not have once you sell. It is your hedge against inflation. Also, consider the tax implications of not having this property anymore. You can use the equity in the property to buy more properties and have more deductions. Consider obtaining an interest only loan once you find another property to move into, that way (on the triplex) 100% of your payments are tax deducable. Hope this helps.
Re: Should I sell or wait??? - Posted by dutch
Posted by dutch on March 28, 2006 at 20:42:38:
Way not enough info. Not sure you can provide all the info to make this decision. This is a life changing thing.
If you are going to sell, sell while prices are rising, not falling.
Dutch
PS. Don’t believe everything (or anything) a Realtor tells you, without verification. (I’m licensed, btw).