Should I sell or hold: New Investor
I am just starting my real estate investor journey and was thinking about selling a property to get the equity out to invest in more properties. Here are the details. I bought my first home at the worst time May 2008 for $275,000. We put down $100,000 and got a 30 year at 6%. We refinanced a 2 years later at 4.5%,put some more money down and did a 15 year note. We then built our current home with the help of a $115000 line of credit on the furs the house. So this house has around 10 years left on the mortgage, we owe $70,000 on the original mortgage and have a maxed out $115,000 line of credit on it. We probably will only Ben able to sell it for around $250,000 or so. It is in a nice neighborhood and rent so at $1695. My mortgage costs $1288.22 a month and we are paying interest only on the line of credit which is around $350/month. I know I have made a lot of mistake mistakes here, but I am trying to avoid making more. My fear is that the house will start to need big ticket items soon. Should I sell it, refinance, or do something else. I also have around $200k in my current house that I could use for invrsting if I needed it.