Lots of equity in two properties, looking for advise on what next
I’ll try to make this short....44yro married with 3 kids, good paying job, very conservative
Primary residence in Southern California. Owe 480k, property worth 1.5mil. Locked in at 2.65 for 30 years.
Rental Southern California owe 130k property worth 600k. Has had the same renter there for 13 years. Payment is 1900, tenant pays 2400. (Market dictates roughly 2700-2900 in rent, but they are great tenants.
Looking for some advise as to what the smartest long term play would be? Not opposed to owning more long term rentals or even short term rentals. Not wanting to leave the state, as most of our friends are. But just scared as to what to do. I feel the real estate market is so inflated right now and people are just fleeing to other more affordable states. I’d hate to be missing an opportunity right now, but also worried about investing and the market taking a severe hit...any opinions would be greatly appreciated.