Opinion on what to do with my equity in property

[Nino Novak]

Hello everyone,

Wanted to get some inputs on what would you do if you were in my position. Couple years ago I bought a pre construction condo and have it rented out I made good equity on it and the market appreciation in the area is strong it’s in ( Grimsby, Ontario) not sure if many will know where this is in Canada but it’s in the Niagara region. as for the rent part I’m pretty much breaking even on it. although the appreciation on it would be great i feel like I could be investing my money better maybe purchasing a Duplex or triplex using the brrrr strategy?

I could refinance the condo since I have good equity in there already but not sure how that would look when I’m not cash flowing through it. Also being self employed during these times we’re in I think it wouldn’t be easy maybe I’m wrong

Any input would be much appreciated

Thanks!

[Carl C.]

I wouldn't refinance if you'll end up with a property that doesn't cashflow. You'd better have a really good use for that money before pulling it out. I'd be more inclined to sell and put your equity towards a larger building.