What would be my best strategy? Florida

Question

Hi all.

I'm wondering what I should do. I'm in Florida

I own two properties , no mortgages.  From zillow:

Property #1 is worth about 375k  , rents for $2200

property #2 is worth about 387k , rents for $2400

I also have some cash (70k ) .

Both properties are currently rented.

It's hard to say net profit, with all deductions from 2019 renovation, but I feel they are profitable.

Should I keep renting them,  or sell in this current great sellers market ?

Then  I  will have no income as the rent is my income.

If I had other income I would have sold already I'm sure, but also off course then buying again is going to be more expensive now , unless I could wait till the markets are down again.

I'm not sure what to do . I want to invest the $70k , but that's not enough to buy much atm.

Unless I'd buy outside of my county, but it's hard to hear back from any realtor, I have tried that.

Then again , someone here may know a great little property for sale in FL for around that price

Thanks

Reya Ripet · Answer

Thank you . I've never done a refinancing. Do I just ask my bank ?

I'm not sure what it entails , do I get cash and now have a debt ?

Will they always approve refinancing?

is it possible to get just a certain amount from the total property value ?

Thanks!

Nick C. · Answer

There is no right or wrong answer to your question, it's more of a personal preference.

Another option for you is to cash out some of your equity and use that to invest in more property. But everyone's tolerance for leverage is different. Some advocate for for 0 debt, and some are all about 100% leverage, and there's everything in between. Start by figuring out what you want to accomplish, what's your end goal, and go from there. Good luck!