To sell or take out a HELOC
Hello Bigger Pockets,
I live in Salem, OR and I own a small 2 bedroom 1.5 bath townhouse. I bought it in 2016 for 100k. Since then I have rented my extra room via Airbnb off and on. The money from the airbnb has been used just as supplemental income (helping family, paying on student loans, traveling etc.). I have always thought of this as an investment property that I would eventually rent out and eventually buy a duplex (live in one side, rent the other and the townhouse would also be rented). Well, the market here is crazy and I am thinking of selling and using that money for a down payment for an investment property or a house hack with more space. I have read a few books and have listened to several podcast about real estate investing, but what I am still wondering is what would be the best strategy, get a heloc and use that loan for the next investment property or should I sell my current townhouse. My realtor says she could list for 235k (I owe 85k). If I sell I wouldn't be in a rush to find my next property, so its not time sensitive. In order for me to rent my townhouse I would need to put a little bit into it (fireplace needs to be fixed), but not much else needs to be done. With out getting a HELOC or selling I don't have as much as I would like saved up to do a down payment for a duplex or a single home, especially with the high cost of homes in my area. Any suggestions or things I should consider?
Thanks so much!