What's my next adventure? Buy some 4plexes?
Hi All, I'm new to BP. I've lived in SoCal my entire life, and don't plan on changing it. My wife and I are aggressive investors by nature, and we want to take it to the next level. We have some nice assets that I want to leverage OR sell, then upsize our investments, then turn them into my full-time job (and our new home).
This is what we have:
1) We own a SFR outright (sell around $430k OR borrow $300k against it)
2) Our primary residence (make $160k if we sell OR borrow $60k against it)
3) Own a small tree service business
4) Residential development site (that $ is tied up for a couple years)
After getting mortgage pre-approvals, running scenarios and numbers, I realize I have around $400,000 to play with. I want to make that my full-time job. I figured 3 possibilities:
First Thought: sell both SFR's and aim at purchasing 2-3 4plexes in our area in need for some beautification (preferrably north orange county (Brea, La Habra, Fullerton, Placentia, Yorba Linda, etc)).
Second Thought: borrow against both properties, and find 2 mirroring triplexes (or 4plexes) in need of some help. I figured this would be a 6-plex and I can avoid a commercial loan (higher interest). In addition, I'll have both SFR's to rent out, and cash-flow nicely. I do realize that this plan may require me to sell SFR's, but if I can hold on to them, I'd be better off in the long run.
Third Thought: ask BP!!!!!!
If all goes well, my plan is to gift my tree business to my brother, then just pay attention to my REI.