Seeking Advice on options....

[Frank Fuentes]

Hello! this is my first time posting here. We (my wife & I) currently own outright one home which we are renting out. It's a small home (2 bedroom, 1 bath, 960 sq ft), & we are trying to decide on what to do with it. One option is to fix it up & then borrow on the equity sort of BRRR style. I guess since we already own it it would be RRR. The other option is to sell it & use the proceeds of that to purchase another property. It is currently valued at around $90K to $110K. Does anyone here have any other advice as to what to do with it in order to jumpstart our real estate portfolio? We are renting it out for $800 a month.

[Mark Lewis]

Hey Frank,

This is a loaded question because it really depends on what you and your wife are seeking at this time? Cash flow or appreciation and your investing timeline. Not sure I would get offload something I own outright that may be cash flowing for something that might not be or very little. Would need more insight on what you guys are aiming to achieve. At current rates it’s hard to buy something that cash flows but you may be able to get something in a well sought after market or area that will possibly have some future upside. 

Mark