Best equity usage...1031, refi, HELOC, or nothing?
I own 8 properties (11 rentals). My first property in Golden, CO has doubled in value since i bought it back in 2005. I now live in Moab, UT which is where the rest of my rentals are. I'm trying to figure out the best plan for the Colorado property. Some of the options I see:
A. Sell it. Keep the money that I've already made into a reserve account (I'm a little low right now) and take the capital gains and reinvest it in 2 properties either in Moab or somewhere closer to me.
B. Keep the property, but either refinance it (costs money and rates are higher) or get either a HELOC or Home Equity Loan, and then take the money and do what I mentioned in A. This would put me at cash flow zero for the CO property, but projections are that the Colorado market will continue to appreciate, so I would hopefully be getting that, plus some more reserves and 2 more properties.
C. Do nothing....
I look forward to input as there is a wealth of knowledge on this site. Thanks in advance!