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Updated about 1 year ago on . Most recent reply
Confused Beginner real estate investor
Hey guys! First post here- from canada
Im just a bit confused on where to go now with my real estate investing journey. I own a triplex and a condo in pre development. I can refinance my triplex right now and take out 50k cash but i feel like thats not enough. The upstairs tenants are paying super low rents in a 1 bedroom and 1 tenant is leaving in 3 months. The other tenant is an older guy whos been there 28 years and said he would never leave. Im on a variable rate as i knew i would want to refinance eventually.
do i:
1) take the 50k refinance and go to a fixed rate
2)renovate the unit thats leaving and offer to pay the guy to leave and renovate both (maybe try and convert to a 2 bedroom)
3) do nothing and just keep renting it out
My goal is to make this full time and not just hold on to a few properties for when i get older.
thanks!