What to do with equity in San Diego, California

[Isabella Phillips]

Hey Guys! I have a rental condo in Little Italy in San Diego that breaks even monthly with $200k equity in it. I’m trying to figure out the best strategy and would love some advice. I am a gymnastics coach running my own business. I love it but since I’m self employed I’m exchanging time for money and I have no security as far as retirement besides my IRA. My ultimate goal is to acquire enough real estate with buy and hold rentals that my passive income meets/exceeds 10k a month. Should I: 1. Wait and Pay it off (pay off in 2048) and collect $2600 rental cash flow forevaaaa 2. Sell and invest in multi-family out of state. (I am super weary of investing out of state bc traveling would be difficult since I’m self employed right now and if I’m not working I’m losing money plus I would prefer to keep my money where I can see it lol) 3. Sell now while the market is high and pay taxes on the gains and wait for the SD market to drop so I’m not buying at the top of the market. 4. Or ????

[Tommy Sowell]

Aloha

I bought a tri-plex in North Park, San Diego 25 years ago. The rent when I bought the property was $300 each for the two bedroom units or $900 a month with a mortgage payment of $900 a month. Now I get $1600 a month for each unit or $4800 a month. So if you keep the unit and pay it off you will get a lot more then your think 20 years from now. 

Thank you

Tommy