What Would You Do? Why?
Hello BP family!
I’m brand new to the world of the real estate investment and am trying to educate myself. But I gotta say, there’s so much to learn and so little time.
I’m debating on next steps and what better source of opinion than yours?
My primary home is a coop. We are priced out of SF homes in our area because there’s a short supply and incredibly high demand (driven by school district and easy commute). The current mortgage is low and equity doubled in the past 4 years.
It seems I can't secure a HELOC because of coop restrictions. Surprise, surprise.
But, I am told there is the option to refi and take the cash out.
I’m willing to give up the sought after school district for a comparable nabe with 9 rated schools for a SF foreclosure that needs a least $50k clean up. The equity in that is expected to increase quickly, in which case I’d have the option to get a HELOC to tackle that mortgage. The sale of the coop would free up money to start my passive income goal.
Keep the coop and refinance to cash out OR sell, free up cash and buy the SF where I could eventually play with some of the equity?
Thanks a million to all the contributors like you! You make this little 9-5er day dream.