Did you ever sell your primary residence to get more income?

[Rachel N.]

I'm wondering if any of you ever sold your primary residence, for any number of reasons. Maybe, like me, you discovered Bigger Pockets and Rich Dad, Poor Dad, and suddenly began to question why you were paying such a a high mortgage. Or you wanted to get the equity out of it, or you were anticipating a price correction in a hot market.

We have only owned our primary residence for 3 years, so I don't know if it would be worth it to try to sell with closing costs, but the neighborhood is a hot one and the house has appreciated at least 10%. I think the values have approached pre-2008 levels. I like the house and the location, but I don't feel super attached to it... and although moving would be a hassle, if it made sense financially, my husband would also be fine with moving. (Our kids, not so much, but they're still little).

The mortgage payment feels like an albatross around my neck, plus property taxes are high. I did get a HELOC on it for $50,000, whereas if we sold, ideally we'd make at least $110,000 after closing costs... If we closed the HELOC before three years were up, we'd be fined $750...

If you did ever do something like this, what did you do afterward? Did you rent? Live in one of your own rental properties? House hacking a duplex/triplex/etc? (I don' think there are many of those in my area...)

Would love to hear from people who've traveled down this road before.

[Rocky V.]

NO!  I for one don't feel your home should be considered an investment.  It is a safe haven for you and your family and should not be gambled with.  I've had mine paid off for many years and figured that if I can not make it as a Real Estate investor using other means then why would I risk my home.  My two cents.