A wonderful problem: How to use my equity
Wife and I bought our 1st house all cash in Sonoma County in October ‘08. It has nearly doubled in value since then. We currently live rent free, and rent that house out for $2,350 after management fees. Safe to say we net cash flow $1,700 a month.
We are a single income right now and I’ve only had the job for less than a year.
We are interested in short term rentals and taking a more active role in management but we're fairly convinced we are at or near the top of the market. Better to take a mortgage and invest in low price STR or should I consider selling?
The house isn’t earning a great rate for us given that it is worth roughly $600K.