What is the best plan for my situation?
Hello All!
I'd like to expose my situation and get comments from you people on how I should go about this, in the most profitable way possible of course :P Here's the deal: I purchased a duplex a year ago wich is now a triplex (i made a small appartment with the basement) The mortgage left on it is 150 000$, resale value right now is an easy 425 000$ where I live, wich leaves me with a nice 275 000$ in equity. Here's where I got stuck, I have all this equity but I can't quite decide what to do with it. Now I wouldn't consider myself a rookie when it comes to real estate but I'm no pro yet, so I'd like you guys to tell me how to make this equity work for me the best possible way. My strategy for the long term is building up a portfolio of rental properties and holding onto it, but I would still like to be able to get a nice return on this money right now. Anyone cares to share their opinion?