Decisions, decisions. Please help!
Hello everyone,
My name is Tanner and I'm trying to make a decision that is greatly going to affect my future as a real estate investor and lifestyle but don't have much experience! Any advice or help would be great. I purchased a house a few years back in Tucson, Az and I owe 245k on it now and It currently cash flows about $600 a month. It is a great property that's located in the best school district and in a new area where multiple developments are coming in within the next 2-4 years. We rented it out for a year as I left to go work overseas. The renters will be out in Aug and I'm considering multiple options with it but struggling picking the best option. My end goal is to be able to come home and start a family with my wife. Years of working as active duty and overseas as a contractor is not something I want to do much longer.
Option A: I could sell it in Aug for a good profit around 85-100k. Use that money to finance other real estate investments. I would lose the $600 a month and potential gain of the house but gain multiple properties over the course of the next few years. I also think that it is a specially unique time in Tucson for the house being worth this much and am speculating it won't be this high for quite some time.
Option B: I can cash out some of the value in the house and still keep the property. I can cash out about 45k for only about $100 more added to my mortgage payment. With 45k I think I can do two maybe three investments using my VA loan for one of them and a short term vacation rental for another.
Option C: Something you guys know that I don't haha
Thanks for taking the time to checkout my post and I appreciate any advice!
Tanner