2nd Investment Property
NYC based, living in a mortgaged house, and also own a NJ Shore house that is slightly more profitable than break even on an annual basis. Now I have $330k in equity after 2.5 years in the Jersey property. My mortgage rate is 2.75 so I don’t want to do a cash out refi, I can do a home equity up to 90% but that is at a high interest rate.. if I want investment property #2, does anyone have any advice on the best move I can make?
David Girdusky - in what location do you desire to invest? Do you desire to be a landlord, developer, rehabber, lender or passive investor?
Regarding the break even property - Have you considered exchanging into a DST? Or selling, paying the taxes, and investing into an oil and gas mineral rights royalty fund?
