Need Advice on Strategy
We went into REI investing with our retirement funds and own properties in AZ and CA and some notes in other states. While we live in AZ, we'd hoped to eventually move to SoCal. We greatly need to increase our cash flow and would appreciate suggestions from seasoned investors on how to accomplish that.
We have a 2/2 condo in an attractive area in inland South OC (w-golfing, lake, community pool) we bought 4 years ago for $339k, and it's worth approx. $450k. We put $209k down for a 30 yr. mortgage at 3.75% and owe almost $103k. Rent is $1950 (we just increased it a couple of months ago when the lease was renewed), and we've had only a single tenant. PITI is $1115/mo, the HOA is $365, and our management fees are about $160. Considering repairs, we clear $200-$300/mo.
We considered refinancing last year, but we couldn't beat the 3.75%. Due to our particular circumstances (including our ages: late 60s), it would be difficult to get a conventional loan to leverage it, and buy more properties. I know we're not supposed to be emotional about properties, but a complicating factor is that I am about our SoCal holdings. It's been like our second home since the late '70s. I think that with sharply rising property values, once you're out of SoCal, chances are good you won't get back in.
If you were in this situation, what would you do?