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Updated over 7 years ago on . Most recent reply
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What would you do with this investment?
hi Bp folks,
I posted Something similar on another section, but with those that have experience in REI I would looooove to see how you would proceed with my current situation:
Backstory:
1) 2011 - purchased a 2 family in up and coming Queens, NY area for $280K with only 3.5% down using a FHA loan ( first time home buyer).
I've used it as my primary the first 6 years.
The property has a net income cash flow of $525/mo after all expense, mortgage, etc.
Current value $610k, remaining mortgage $238k.
Note: I think this is a really hot area which will continue to grow given the proximity to Brooklyn, which has exploded the last few years.
2) bought my new primary 1 family forclosure home for $325 in 2016 and house hacked it to get some supplemental income, which covers ~50% of my mortgage. New value is $400k
With that laid out, what would you guys do next? My goal is to increase rental income so that I can hopefully retire in 5-10 years. I know I have a lot of equity in my first home, but I am also reluctant to sell knowing that it can continue to increase in value and also the nice income stream. But happy to hear realistic way a to leverage one or both properties.
Thanks all