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Updated almost 3 years ago,
Should I sell my primary residence or hold it?
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?