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Updated about 10 years ago,

User Stats

5
Posts
2
Votes
Alex Zemianek
  • Real Estate Investor
  • Saint Louis, MO
2
Votes |
5
Posts

Need advice/opinions on selling multifamily

Alex Zemianek
  • Real Estate Investor
  • Saint Louis, MO
Posted

Hello! I'm looking for advice on my next move. I currently own 2 multifamily properties and 2 single family homes in STL. My two family cash flows around 700 a month, so it's an excellent income property, and I got extremely lucky and picked it up before the crash in 2011, so it's appreciated around 90K in the last 3 years, so i'm sitting on a total of about 90-100K in equity, so my question to experienced investors is whether or not you advise selling this property to take the equity, and use as a downpayment on a larger multifamily. My 1st thought was to borrow against it, but lenders won't go above 60% on HELOC's(for multifamily non primary), and 70% on cash out refi's. I'm happy with how it's performing, but this could also be a nice down payment on two more or a larger property...Any suggestions??

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