Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago,
Sell my only Rental?
I have one side of a duplex that I rent out. I used to live there personally until I moved to a single family home about a year ago. My problem is that I have some debt that is making my financial situation very tight from month to month even with the rental income. Debt includes student loans, a HELOC, some credit card debt, etc. If I sell my property, I could get out from under most of my debt fairly quickly, but I would no longer have any investment properties. I also don't know when I would be able to have the financial flexibility of acquiring any in the near future. What would you all do? I think I have three options:
1) Sell my only investment property to pay off the majority of my personal debts and start over
2) Keep my property and continue to rent it out and pay down the debt over several years
3) Look at acquiring an additional property to help with cash flow
Thoughts???