Queens, NY · Member since 2023 · 13 posts · 1 vote
I purchased a property almost 6 years ago and it has been very hands-off for the most part but it isn't doing enough for me. I have had the same tenants in there for the entire time that I've owned the place so I haven't had much time to do any updates, which I think are long overdue. Without much cash on hand, is it wise to take a loan or leverage for a loan to make updates in the name of either selling to buy something better or driving the rent up a little bit? I'm also interested in investing in more properties and using the equity in this place to get me in another unit or 10.
Take advantage of the 1031 and trade up to a bigger/higher income producing property. If the property is paid off, you can take out hard money to borrow the rehab costs, and have them as first position lien holders.