Hi namaste 🙏 to all ! Can you guys help me to make the best decisions please.....I currently have one primary house to live and one rental unit. Both of my property have 40-50% equity. The income from my unit breaks even after the mortgage and condo fee. But I been paying almost $1300/month just in interest on my primary residence. Both property were refinanced last year with (4%) interest rate.
Now, my question for you are as follows.
1) Should I sale my rental ( condo ) unit and pay off my residential property ( by doing this I might be saving lots of interest that I been paying every month plus market are still good ) ?
2) Keeping the rental and residential. But Cash out from one of the property and buy another property?
3) sale the condo and buy a multi family house little in cheaper area and rent it out ?
Please please help me !
Is there a specific reason that you want to keep the condo? If it's only breaking even, it isn't a great investment from a pure numbers perspective. If you plan to move back into it or have another reason you are keeping it, that's fine. But numbers alone an investment that "breaks even" isn't a win to me.
From the info provided, I would sell the condo and reinvest the money into a positive cash flowing rental.
Hi Cassi there is no specific reason for me to keep the condo. Thank you again for your suggestions !
Hi Cassi hope this message finds you well. As you being real estate agent ,if you see anything that has a good potential please let me know we may work together.