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Updated about 3 years ago,

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14
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Julie Park
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14
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Selling paid off house to pay down investment property?!

Julie Park
Posted

Hello everyone, 

my husband and i have been butting heads a lot and wanted to hear others' thoughts/advices on our situation. 

we are married couple and live in las vegas. We have paid off primary residence and has duplex in other state as investment property. When we've purchased the duplex, we took $90k Heloc as partial down payment. It is down to $69k as of now. 

We also have $20k bathroom renovation debt. We didn't think that we were going to buy house (duplex was purchased on Oct this year) and signed the contract back in March 2021. They just started to work on it this November. 

My husband wants to sell the house and pay off all the debt plus fix the plumbing in stuff and make the unit look nicer to get more rent for our duplex. Since the vegas market has been so hot, we are predicting to sell our house around $500k. (We purchased the house at $155k) I see where he is coming from since we have so much equity he believes that it is good time to sell. 

However, this is our primary residence. I am afraid we sell the house, we will have to rent and as housing price goes up, the rent goes high too. 

We do not have any other debts. Paid off cars, no credit card debt and no children. what would you suggest if you guys were in our shoes? We eventually want to move out of Vegas so I don't mind selling this house. I am just not sure if selling the primary residence is the right move and also use all the money to fix the investment property sounds a bit crazy to me.... please help!

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