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Hello Everyone!
I have done my bachelor's in mechanical engineering and master's in engineering management for process excellence from the uni of Glasgow and uni of Strathclyde respectively. I'm currently looking for jobs and have 2 years of running my own company. I'd be glad if anyone can help me with this and guide me accordingly. It would be ideal if I could get anything in process/operations but I'm flexible and am open to explore new areas.
Regards,
Aman
aman_mishra24@rocketmail.com
What does it mean when the recruiter talks more?
Anyone in SF here??
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You’ll get offers closer to ask / above ask if qualified tenants in place, key word qualified. Meaning background check complete and possibly even good standing history as tenants beforehand. A lot of people mistakenly lease units to unqualified tenants and think it boosts their property value as there’s immediate cash flow, but instead, it’s just increased risk
Disagree in part with BCG1. Obviously qualified renters are better for multiple reasons. And, buyers of large apartment complexes will do more due diligence on tenant profile, but that’s not happening on duplexes and even less likely on duplexes in Charlotte (as opposed to HCOL like NYC).
How much cash are you out of pocket? Any reason why you prefer to sell versus long term cashflow and appreciation?
I have a new build Duplex that was completed in 6/22 and I’m all in 280K and it’s worth 420K. I’m out of pocket 80K and the loan is at 200K. It’s been cash flowing about 1K a month since June and I’m likely going to cashout refinance in a bit to pull equity out and keep as rental. I have 3 more Duplex properties lined up for construction just awaiting the city to approve plans.
I agree with you. I will likely hold onto this. Was curious if the sell strategy though. I will be all in, land and construction about $390k. Each unit is 3/2 1400 SF. Can easily get $1600 rent for each unit. A colleague just sold one with 1300 sf units one block over for $550k. So was briefly considering taking the $150k profit now and 1031 into something bigger. But not seeing the deals right now to act within the 180 days.
No harm in listing it for sale for a significantly higher price and taking the payout.
Personally though, I’d go for the long term cash flow and appreciation. Plus given inflation and global instability real estate is a a better asset than cash in my opinion. Also holding this asset has benefits, you can always pull out equity / cash against it.
You’d only really wanna sell it if you can’t find good tenants or operating it is too much of a headache for you.
Also are you guys building these? Would love some advice strategy. I’m in NYC / tristate and building does not seem feasible
I’m leaning heavily toward holding. I’m in the Charlotte NC area.
What part of Charlotte if you don’t mind?