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Updated about 3 years ago on . Most recent reply

User Stats

9
Posts
5
Votes
Chris Olson
  • New to Real Estate
  • Valley Village, CA
5
Votes |
9
Posts

Should I sell my primary residence or hold it?

Chris Olson
  • New to Real Estate
  • Valley Village, CA
Posted

Pertinent information

Primary Residence: North Hollywood, CA - 2 bedroom 1 bathroom. 1100sqft on a 9000sqft lot

Estimated value - $1,000,000

Remaining mortgage - $520k

Open HELOC - 170k credit line. 70k currently used.

My wife and I bought our primary residence in 2017 for 705k. We did a pretty major renovation and then in 2019 it appraised for 910k and we got a HELOC for 170k. We used that HELOC to acquire two STRs. A 1/1 in Big Bear, CA, and a 2/1 in Joshua Tree, CA. We want to acquire two more STRs this year, but we also would like to get ourselves into a house hack. Our original intention was to hold on to this property and add an ADU or two, but now I'm wondering if we sell would that be a better use of our equity? Our house is near a newly developed mall (one of the main reasons we bought it) and we're seeing quite a few small houses being turned into multi-million dollar McMansions in our neighborhood.

What would you do?

Most Popular Reply

User Stats

148
Posts
84
Votes
Janet Behm
  • Accountant
  • West Jordan, UT
84
Votes |
148
Posts
Janet Behm
  • Accountant
  • West Jordan, UT
Replied

Chris, You are pretty resourceful, but, you don't want to become homeless. 

Nearly every investor I talk to, says, "I wish I hadn't sold that property."

And finally, remember basis and how you will handle the capital gains.

Probably 85% of the people reading this, wish they had YOUR problem!

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