To sell, heloc, refi, or hold
Hi all,
I’m new to this forum and trying to get an opinion on my situation. I have 2 rental properties and a primary home currently. With the market, I (like most) have gained a fair bit of equity over the last few years. This investment single family was the house I purchased first and lived in for 3 years. It’s now rented and I have about 200k+ in equity in it currently based on appraisal. I’m attempting to decide if my next move is a cash-out refi, heloc, or to sell this property prior to needing to pay capital gains (by mid 2023).
I would like some money now to grow my portfolio and also maybe do some renovations to that property prior to selling - kitchen mostly. Thoughts on the next move?
Right now, I’m thinking that I’ll use the equity for Heloc to get cash for an additional property and Reno the kitchen, then sell prior to capital gains in 2023. The cash flow is decent, but really I just put the money back into it. Tenants are basically paying 1k in principle monthly as I use my w2 job primarily as my income stream.
Thanks!
Eric