Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago,

User Stats

1
Posts
0
Votes

initial property: keep vs toss

Posted

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. 

Loading replies...