Two Hundred Thousand Dollar Question
12 months ago, I paid off my first rental SFH property in Boise/Meridian, Idaho. Net cashflow is $1060/month. Comps say the current market value is $230,000. I paid $172,000.
Two options I’m looking at;
- Sell and invest in two separate SFH rentals. Move-in ready SFH start at $215,000 in my current market. Net cash flow with 20% down puts me around $360/month.
- Not sell and take out a HELOC to buy another house. My lender is offering 7.85% for investment property.
SEEKING ADVICE; what would BP members advise if they owned such an asset? BTW – buying a few $80,000 houses in Memphis (for example) is way outside my comfort zone.