Looking For an Experienced Perspective

[Robin F.]

Hey Everyone!

Thank you for your time, and I'm grateful to be a new addition to this community. I've been interested in real estate for some time, but shied away from aggressive investing because of what happened to so many during the collapse, my own father included. I've now come to realize that risk is unavoidable but can be calculated, and I don't have to follow the same path as others.

I'd like to ask for some advice. Here's my situation: I'm in the learning and preparing stage. I was able to take advantage of the "down market" in a small way. I purchased a high-rise condo (loft) in Las Vegas in 2011, which happens to be in their most-progressive downtown district, and is on the Strip. In 2006 the property sold for $700,000, I bought it for $170,000 and it is now worth about $370,000. In my shy approach I was following the "David Ramsey" vibe and paid it down to $80,000. I realize now I should have used that money better to purchase more property, but hindsight is 20/20. It is ridiculously easy to manage (as I am the President of the HOA board of directors for the building). It has a great, positive cash-flow of about $400-$700/month depending on rent. I cannot refinance and access the equity though because there are too many renters in the building.

Should I sell? Should I consider a HELOC? Should I leave it be and focus elsewhere? I can't help but imagine what buying power $200-$300K would give me to multiply my portfolio. If I sell within the next 14 months, I will have a capital gains tax exemption.

Thank you all in advance for your input!