Newbi need advice sell/reif?
Hello,
I just joined and I am very new to all aspects of real estate investing.
My question is: Sell or refi?
I own residential property in CA. No mortgage. Valued at $313,00, the house needs some new carpet, linoleum, and perhaps some updates in the kitchen.
The property has been rented for 5 plus years straight, with no late payments, or any problems. Renters would like to stay.
I live in FL and would like to buy rentals in FL closer to where I live. So my question is choosing between the following options:
A.) Sell the CA rental, use profits to lower the mortgage on my personal residence here in FL, while using $100,00 to invest in one or two new rentals here in FL.
B.) Try and get an equity loan on the CA rental and use that to buy rentals in FL. Giving me a mortgage in CA and another in FL.
If I go with a refi and buy rentals in FL, I am concerned because I am not sure how to go about doing that, as having another mortgage will be hard with the debt to income ratio.
We are retired Military and have our retirement pension, and the income from the CA rental as our only incomes.
Any advice would be appreciated.
Coleen Mathis New Investor from Florida