Cash Poor, House Rich!! Need Advice
I own 10 properties in Southern California area. All my properties pay my mortgages on all homes and break even. In all my homes I have about 1.7 million equity. The problem is I can’t touch any of the equity. Recently my employer downsized and I’m making 50% less income. Not sure what my next move is. In the process of selling one property but don’t want to. I need advice from experienced investors. Thank you in advance!
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IF my income got cut in half, the first thing I would do is cut my expenses by a whole bunch. Stop going out to eat, make as few trips to pay less gas, cut expenses drastically. Maybe get a room mate or two to increase your income some more.
Then I would see about selling another property or two. Would life be so bad if you only had 7 properties instead of 10?? Use that income to start a business that will create more income for you. Lots of answers, it is up to you about what you WANT to do.