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Updated almost 3 years ago,

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Heather Leask
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CA Real estate as first House Hack - Keep or Sell?

Heather Leask
Posted

Last year I purchased a 3/3 condo two blocks from the beach. I had done absoluetly no research on real estate investment at the time but bought it with the mindset that I wanted to live for free and in SoCAL that only seemed possible with a at-least three bedrooms. It feels like generally everyone agrees that starting out with almost a million dollar home is not the way to build your wealth quickly. So I was hoping for some guidance. 

Sale Price 845K Last May ( I managed to snag the house for list price when everyone else in my condo complex payed almost a million)

current estimated value: 950K (conservative) 

Mortgage: 3900

Rental price: 2000/room (furnished) = 6000.  

Im debating if I want to keep this property and take out a home equity loan to buy my second property or sell and start working with apartment complexes (ideally at least 15 units somewhere not in California). 

What do we think?