Rental Property Paid Off - HEL to Buy Another?
All,
I am in San Diego and currently in a refi with the home I live in that will include paying off one of my rental properties. It would probably appraise at $240k to $250k and I am currently renting it out at $1500/mo.
I have a buy-and-hold strategy and would love to have as many homes bought and paid for (by tenants) as possible by the time I retire. I am now 37 years old.
My question is this: What is the best way to achieve this goal? I was thinking about pulling out a home equity loan to put down 25% on another investment property...which would be ~$75k for a ~$300k property. Still not sure how realistic that is with everyone paying in cash for homes in this range here in SD.
I also would like to increase that $1500/mo positive cash flow if possible.
Anyone familiar with a) the San Diego market and/or b) long-term buy-and-hold strategies that may be able to pass along some advice?
Thank you in advance!