Updated over 4 years ago on . Most recent reply
Beginner investor advice NEEDED
I have a house valued at 159,900, paid off. Should I rent it out and cash out refi, or sell? I have another property under contract for 65k, (I plan to live here and pay cash). Is it best to sell and get 160k to buy my contracted home, or re invest in multi family? Or do I keep it and rent it out?
Most Popular Reply
Never ever sell a house. I regret every one I sold in the past, now they’re worth multiple times what I sold them for. I should have cash-out refi’d them and let the tenant pay off the loans. I would have avoided cap gains tax and would have had more duductions, plus all the appreciation would now be mine and not my buyers. Never ever sell a house.