Should I stay or sell?

[Bob Berry]

Hello BP people

I find myself on the fence, I have a owner occupied triplex in Venice CA I have owned this since 1995 the property has appreciated a lot looking at about a sale of 2.2 million

My problem is that I can't get a REFI based on my debt to loan, it's 80% even though my income on the property supports the new loan the bank is looking at my personal income only, I have tried for 3 years to try and get my first and second combined $720k I also have a large CC debt on the side. I'm so fed up with the banks, I have never missed a payment and the same goes for my credit score perfect but for the total debt I have out is very high, so even with 1.3 plus in equity I'm stuck. My rents are $5,700 a month very solid, If I moved into my smallest unit of the three I could bring my rental income up to $7,100 a month I guess this is an option, or I could just sell this summer? The capital gains are huge so I was thinking of a 1031, but after being a live on site landlord I'm pretty much over that. I'm going to fix up my unit now, as it's the only one of the three that needs a little paint and TLC ( The other two are really nice ) and if I can't find a way to consolidate the two loans I think I will list the property! I might end up with $730k after cap gains if I just walk away.

So very fed up with the banks.

Bob B

Venice CA

[Rob Beland]

Something is not adding up @Bob Berry. With all this money coming in every month, where is it all going beyond your mortgage payment and your utilities? Does the apartment house cover the insurance, taxes, common utilities, etc...

Why do  you have this large credit card debt? You should have no problem socking some money away every month and just paying it off then you have no debt.

What is missing from the equation?