Would love some real estate investing advice
Would love to get some advice on what I should do next in regards to purchasing more properties or selling what I have now. Im 42 years old and got hammered in the real estate crash in 2010 I had some investment properties that I had to shortsale in 2011. I began buying again in 2013. My first purchase was a duplex in Washington State for all cash in 2013. I was unable to get a loan so I had to do an all cash purchase. I have since bought 5 more duplexes for an average price of around 150,000-180,000 dollars. All of these are located in the pacific northwest. I recently had to relocate to Nevada for a new job and now have rented out my primary residence which is in San Jose California. I bought it in 2013 as a foreclosure and have about 400,000 in equity in the house and am positive 1000 dollars in rent per month. I recently bought a house in Nevada which is my primary home. My question is what to do next? I will list what my mortgages are for my duplexes and how much is coming in. Should I try and buy more duplexes? The areas where I was buying have appreciated a lot and the deals are just not very good anymore. I have been trying to take all of the rent money from all the duplexes and pay them off one at a time. Would love to get some ideas on what I should do.
Duplex 1 paid all cash 122,000 is now roughly 180,000 not a very good duplex,old and just a decent neighborhood. rent is 800 per side. 1600 total. take home is usually around 1100 a month, taxes,insurance, prop management,water sewer and repairs
Duplex 2 150,000 Put 50,000 down have been trying to pay this one off using the other rent money from the other properties. I owe 47,000 on this one. total rent is 1900 per month mortgage is 850 with taxes and insurance included usually around 400-500 month profit unless a big expense happens This one has appreciated to about 250,000
Duplex 3 The rest 3,4,5, and6 are all very similar to duplex 2 around 150,000 give or take about 50,0000 down rents between 1700, and 1950 per unit. Mortgage with taxes and insurance 800-900 dollars per month. Usually take home 400 per duplex
Duplex 4
Duplex 5
Duplex 6
House Rental 7 This was my San Jose Primary residence Had to relocate for work. Bought in 2013 for 388,000 it was a foreclosure put 88,000 down and owe around 283,000 its worth around 800,000 mortgage is 2200 with taxes, insurance and get 3200 in rent money.
Primary residence in Nevada just purchased house for 375,000 and put around 60,000 down
Recap
Duplex 1 paid all cash positive 1100
Duplex 2-6 positive average 300-500 a month= 2400 positive on units if none are vacant
House rental in San Jose positive 1000 per month
So on a really good month if there are no vacancies and no problems which rarely seems to happen I am positive cash flow around 4700 per month. It seems on average its usually 2800- 3800 positive. Any advice on what I should be doing? Should I continue to pay off each duplex? Sell some and do a 1031 exchange and get bigger units? Buy more even though the market is way to hot? Refinance the one that is almost paid off and take money out to invest with? I dont want to refinance my house in San Jose since my interest rate is 3% I do have good equity in the house though. Would love to get some advice. thanks
Ian