I'm new to real estate investing and have a passion and interest in growing my knowledge. I currently own a single family property in Concord, NC. I'm stuck on whether I sell the property in search for a multi-family property or if I pull equity out to purchase my next property. The property is valued at $200,000 with a $130,000 mortgage. My monthly mortgage payment is $1000. My tenant is in her second lease with us, first a 12 month and once that ended signed a 18 month which ends May 2019. I'm collecting $1150/month rent. Any advice on what I should do, or where I can look for answers.
@Cory Peters ... the right answer is ... it depends. I know you surely don't like the answer, but as you can imagine, the answer to this question can only come from you. What are your goals? What are your timelines for achieving those goals? What is your risk tolerance? And also ... what is your why?
@Cory Peters Pulling out some equity to purchase another property isn't a bad idea, but it isn't your only option.
Thank you. I'm ok will selling the property if it will help me acquire a better deal. Would like to move into a multi family. I'm concerned if I pull equity out that the property will not cash flow. Any good books or resources to help me make an informed decision?
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