Updated almost 3 years ago on . Most recent reply
Tap into equity in two unit?
I have a two unit investment property that I paid too much for in 2015. Small unit is an Airbnb, large unit is rented full time(pre-pandemic both units were Airbnb but renters are decent now and are low maintenance). Currently, the property pays for itself but there isn't much cashflow (maybe $50-100 extra on a busy Airbnb month). Starting next month, the full time rent is increasing by $150 so then it will be $200-250 per month cashflow. There is about $150K in equity in the property. Interest rate is 4.75% (I know, right?).
Should I tap into the equity to buy another property even if the cashflow on this one is not that great?