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Updated over 8 years ago,
Paid off property, should I sell to expand?
Hey Everyone,
I have a paid off single family home with a good tenant who pays $850/month. After taxes/insurance I'm profiting about $7500 a year from this property.
My mom is a successful investor and it has always been a supplemental income for me. For a long time I never thought about become an investor for multiple reasons, mostly because I wanted to "do my own thing" but I have decided that I am going to pursue investing full time and make this my career while holding down a 9-5 that I enjoy for benefits and a safety net.
This begs the question. Do I sell my $85,000 property and leverage that money into a quad plex? Currently I can only get about $30,000 home equity line of credit which is not enough to make a big splash. I also do not want to partner with anyone, I have lost a best friend because of business and want to have control of my own business and follow my own vision.
I hate to give up a paid off no headache property but in order to get where I want to be (multi-family) I think selling will get me there faster. Do you agree and do you have any advice?
Appreciate any help.