Selling to trade up

[Craig Pillay]

Hello

I hope you are all doing well!

I am about to place an offer on a new property than can really unlock great cashflow, and push me closer to my goal of being financially free/independent. 

I am undecided about how to finance the upfront cost though (deposit and reno cost). I'm considering selling one of my rental properties that I've had for almost 8 years, that's still not in a positive.  However the location and growth is excellent. But selling this will really give me the cash that I need for the new property, and potentially reinvest in another, or even settle an existing one - great equity in this property. I just have this fear of letting go of a property.

The 2nd option is to refinance the same property for the needed cash. Not my favorite option as it will further erode my current cashflows and impact my credit . Perhaps I can sell afterwards?

But if I get this right, then it can really unlock value. So I would appreciate any advice please.

Thanks!

Craig