What to do with mortgage free property?
Our family home is currently rented out and mortgage free. There are no plans on going back to occupy the home. The goal is the grow into real estate portfolio.
It earns positive cash flow but does a SFH carry more risk depending on a single tenant?
What are the upsides of selling and 1031 exchange into a multi-family investment property?
OR keep property and tap into HELOC and purchase investment property with those funds?
Thanks
Most Popular Reply
- Real Estate Broker
- Columbus, OH
- 1,772
- Votes |
- 3,042
- Posts
@Ronald Mejia I'll give you an alternate opinion you'll only here from 1% of investors, but free-and-clear is a beautiful thing...it's what we all should aspire to achieve. A lot of folks think real estate investing is all about scaling...like owning a bunch of property is a good thing. It's really quite shallow. Your free-and-clear property will cash flow more than the next 5 you buy...combined.
Think about alternatives before voluntarily assigning debt to your properties...
Best of luck.
- Brandon Sturgill
- 937-979-7000
