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Updated over 1 year ago,
initial property: keep vs toss
Just recently was introduced to bigger pockets. And this community is amazing. As a Very Very new potential investor, I’m In a situation and not sure my best options.
I purchased a remodeled home in 2020 with a fixed loan 3.4% for 315k. I recently cashed out with a heloc and put down on a new property to move into. The new property has a studio basement I was planning to Airbnb to help with mortgage. I had no original plans of keeping the 1st home and renting until someone mentioned the idea. Living in a very touristy city, I’m certain this would not be an issue. Unfortunately life does happen, and now am in roughly 24k of credit debt on top of a heloc of 31k. The house currently appraise at roughly 470k. Would it be better to sale when the 2nd home is completed and be able to pay down on some debt and then try re-investing again. Or keep the first property and just try to make ends meet. Thanks so much from a very new beginner in the real-estate world.