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Frank K.
  • Developer
  • New Jersey
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Brutal feedback by smart real estate people needed

Frank K.
  • Developer
  • New Jersey
Posted Nov 13 2019, 10:52

Hello Everyone, 

I am a huge bigger pockets fan, yet have been in the quiet observation mode for many years. A recent real estate issue popped up, which I thought would be properly vetted through such a great real estate community like this one.

Here's the situation.

After my first single family flip (a full drop to foundation & build up), my family moved into a two family which has one apartment larger than most single family homes. As an owner this was to be the passive income we always wanted. The problem though is, my family is getting tired of the apartment life: noise from upstairs, trouble w/ tenants, etc. 

Here are the options.
#1. Dump it.
Pull the equity out, which is enough for a sizeable down payment on a single family. It will probably push us into a smaller home as we are living in NJs crazy expensive Bergen County.

#2. Refi, pull Cash out, and buy a smaller single family while retaining our current home for income. Income would be enough to cover the bills, yet a roadblock along the way could make this very difficult.

#3. Any other ideas?
Just wondering if any of you smart folks could have some advice for this confused home owner/investor.

Only limitations to the discussion.

Kids love my town/school, and don't want to move.

Thanks in advance for your responses.

Best,

Frank

P.S. Brutally honest feedback is always welcome.

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