Sell my investment property Or Refinance/HELOC?
Hey guys.
I own several rental properties in three different states. And Im considering to sell one of my properties in Phoenix, AZ. I have been renting it out for six years now, and the current rent is $1500/month. The house is fully paid for, and don't have a mortgage. I bought it for $110K initially, and I could probably sell it for $220K.
I'm now thinking of keeping it as a long term rental instead, To Avoid Paying Capital Gains.
If I do keep it, I've thought about doing a cash-out refinance to get some of the equity (can get about $150/160K) and to buy two more rental properties in NC and rent them out for $1000/month each property.
So, better to sell now and pay taxes ? or do refinance/HELOC?
Also, which bank you recommend to do refinance for an investment property?
In my case, refinance will be better than HELOC?
Any thoughts would be appreciated.