HELOC vs selling cash flowing property
Hi guys,
I'm stuck in over Analise mode and need some outside input. I have one rental property that cash flows well. here are the stats
size:2 bed one bad
Location: Watsonville CA
APR: 350k
Loan: 140k
Payment: 1100 including taxes insurance and PMI (yes I need to refinance and get rid if the PMI)
Rent: 1600
My question is: what should i do whith the equity? In my mind the two options are cash refinance/heloc OR sell it.
I want to invest the money in long term rentals, but cant decide if i should keep this cash flowing property and take out as much of the equity I can to invest it in other places or sell it and get all of that equity, and invest elsewhere and try to replace that cash flow too.
also i wouldn't have to pay capitol gains if i sell in in the next year because i lived in it reasently.