Sell the unit or get cash out equity line?
I'm having a tough time deciding what I should do with my rental unit. I want to take some cash and start investing in multifamily properties.
It's a 2/2 Condo in a highly desirable location.
Purchase Price: $97k
Owe: $68k
Cash Flow (after debt service): +- $250/month
Market Value - currently selling for +-$150k
The HOA is $450 a month, which is included in the rent price of $1550 a month, so it's not that big of a deal.
So I'm trying to determine if it's more beneficial to sell it, take the cash and look for a duplex, or get a 2nd mortgage and take some cash out, since I'm so far in the green.
Thank you in advance for all your input!
-Nick