Should I sell my postive cash flow duplex?

Bach Nguyen
Home Seller
33334

I have a duplex that is grossing 2500 a month that is located in Coral Ridge Isles. I would like to sell it since I no longer live there and have no homestead tax protection. Both side are fullly upgrade. The owner side have new kitchen with granite countertop and stainless steel. I would like to sell it for between 350K-375K, but do not want to spook my tenants. Please help!

Thanks,

Bach

Answers (5)
Luke Allison
Mortgage Broker
or Lender

Asheville, NC

Bach-
Do you think one of your tenants would be interested in purchasing it? With an FHA loan on a 2-unit property, your buyers can put 3.5% down and you can make a concession to cover closing costs. In some cases, you can apply past rents towards the down payment.

If you have any questions about it, feel free to call me.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Tue Jan 6 2009, 11:34
Myke Triebold,G...
Agent
Destin, FL

To put it bluntly, I am telling all my clients who ask about selling their property right now, is that if you don't have to sell, don't. There may be other considerations such as taxes, but in this market, investors are looking for major deals, and others are sitting on their hands waiting to see where the bottom is. So, again, I am telling anyone if you don't have to sell right now, don't. Interest rates are down, but banks are being very tight with the lending process, so money isn't as available as it might seem, either.

Tue Jan 6 2009, 08:32
Jose Castillo
Agent
Fort Lauderdale, FL

Hello Mr Nguyen,

As Marlene stated it is not an unsual request for any realtor that would want to show an income producing property (duplex etc) that it can viewed outside only and NOT to disturb tenants.
Once more interested then an apointment can be set up for an actual viewing of the units. At some point though the tenants will have to know.

Without knowing much about the units themself or how many bedrooms and baths in each unit, i have created a market analysis for you. Again this is just an approximate price since I have not viewed the property. I have provided a link below for your review.

At this time your would like price maybe un-realistic but again without viewing units and property it is just a guestimate at this point.

In this market things are selling but they must be priced right.

I would be happy to discuss this with you further, you may contact me at your convenience.
hope this helps in some way.

Jose Castillo
Coral shores Realty
954-240-3940 or josesellsfl@yahoo.com

Tue Jan 6 2009, 07:52
Marlene Howard
Agent
Fort Lauderdale, FL

That is not an unusual request. Generally when Realtors show duplexes they are told not to knock on the tenants doors. They may walk around the property and see the area and if they have true interest then we can request a showing. Also, what you can do is multiple pictures of the interior as well as virtual tour, etc.

Warm regards,

Marlene Howard, Realtor, ABR, e-PRO
Prudential Florida Realty

Tue Jan 6 2009, 07:31
John Bennett
Agent
Sorrento, FL
FIRST ANSWER

Hi Bach,

Your guestion needs lots of input from your accountant.

In this market, I suggest only from the Real Estate side, don't sell into this market because it is ugly.

You need to find a good local agent (I know a good one in Broward) to give you a CMA on the property so you know what you might get for selling the property. You might find the price the property will bring to be far below your 350k asking. Be sure the agent understands you need a REAL price.

You can always list at your needed price, the big question, will it sell.

John
352-978-4539

Tue Jan 6 2009, 07:04

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