Fork in the road for my real estate journey

[Chris Gibbs]

I have a decision to make and I am not sure what my best option is.  I would like the opinion of others here on what they would do if they where in my situation.  Here are the factors to the equation.

1. I own a house hacked triplex with FHA 3.375% interest rate

2. It has about 150k in equity

3. It has some capex costs that will be hitting in the next 5/10 years (roof, pipes)

4. Current numbers on the triplex $2400 in rent $2400 mortgage with me living in the third unit

Some options I have thought of:

1. Refi out of the fha and get as much cash as I can then try to find another househack while building savings for capex over the next 5 years.

2. Sell the property with 1031 exchange into a larger fha househack (May be hard because my income is fairly low)

3. Sell property and pay the capital gains taxes and hold it for an opportunity.  I have a friend who works in wholesaling and I think I could put together a deal between the two of us and raising some money from family/friends.

My goals are to build my real estate portfolio for passive income however because this is my first property I am struggling to figure out if I am better off with the chunk of cash to work with or holding onto it and buying more as I can save for more properties.

Thanks for reading and look forward to your suggestions.