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Updated over 6 years ago,
Sell, refinance, or home equity to fund real estate investments?
I’d like to get started with investing in property, but I’m at a point where I don’t know which route to take regarding whether to sell my house (and move back with parents), refinance, or take out a home equity loan to fund my real estate investment plans.
A little side note, I purchased this property two years ago. I am currently 24 years old.
Here’s a little information on my current property (primary residence):
Purchase Price: $130,000.00
Mortgage Balance: $99,937.34
Market Value: $180,000.00
Market Location: Spring Hill, Florida, USA (Tampa Bay Area)
Of course, the best scenario would probably be to move back with my parents, but, truthfully, I do not want to move back with my parents and siblings; however, I would be debt free and generating income from my primary employment.
I feel that the downsides to selling my home is that the market in my area (currently a seller’s market) is extremely hot and, by holding onto the property, there is a likelihood that the value of the property will eventually increase substantially over the next few years.
If you were in my position, what would you do? I would appreciate some input.