Real Estate Agent · Walnut Creek CA, USA · Member since 2016 · 34 posts · 6 votes
Dear Forum,
My friend has 5 properties and he is wondering what move to make next. One of the properties is his primary residence. He has thought about selling one of his condos and using the cash to pay off his primary residence. He also has thought about refinancing all the properties and taking the cash and making a down payment on one rental property and another down payment on a more expensive primary residence. What would you do in this situation?
I would not put money into a primary residence if it is his desire to grow his investments. A primary residence is a liability not an asset. It is a life style choice not an investment.
I would pull out as much money as possible from his existing rentals and put it into more rentals.
When he has the income at a level he feels he can throw money away then he can reconsider his own accommodations.