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Updated over 10 years ago,

User Stats

55
Posts
12
Votes
Nathaniel Donnelly
  • San Diego, CA
12
Votes |
55
Posts

Rental Property Paid Off - HEL to Buy Another?

Nathaniel Donnelly
  • San Diego, CA
Posted

All,

I am in San Diego and currently in a refi with the home I live in that will include paying off one of my rental properties. It would probably appraise at $240k to $250k and I am currently renting it out at $1500/mo.

I have a buy-and-hold strategy and would love to have as many homes bought and paid for (by tenants) as possible by the time I retire. I am now 37 years old.

My question is this: What is the best way to achieve this goal? I was thinking about pulling out a home equity loan to put down 25% on another investment property...which would be ~$75k for a ~$300k property. Still not sure how realistic that is with everyone paying in cash for homes in this range here in SD.

I also would like to increase that $1500/mo positive cash flow if possible.

Anyone familiar with a) the San Diego market and/or b) long-term buy-and-hold strategies that may be able to pass along some advice?

Thank you in advance!

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