what should I do ??? any advice

[Isiah Ferguson]

Hey, BP I'm officially 1 year in this business and thanks too you guys for all the help during my process. I already kinda got my mind made up but I just wonder you guys thoughts on my circumstances.

I have a duplex that is free and clear which I am house hacking. On the other hand I have about 140k sitting in the bank. I'm super blessed to be in this position. Initially, I figured ill refi my duplex and at that point ill be at roughly 225k in total capital. Should I take this route and dump the 225k into another Muti family and refi or should I keep the duplex free and use the 140k too buy a town house or single family ? After then refi both to scale ? I might sound confusing but I'm just wondering what you guys thoughts were ? Thanks

[Jody Schnurrenberger]

I'm not an expert, but I wanted to keep your thread alive, so I thought I'd chime in.  But remember, opinions are like...well, anyway.  lol 

I'm a big proponent of having one place free and clear!  That way, if all else goes badly in the world, at least you have a place to live!  It's better to be broke than broke AND homeless.  I think you should never put another person's dime on your duplex...unless you end up buying something else and have it free and clear later, then you can at that time.  ;-) 

That being said, I vote for a SFH. It's just my opinion and many people do well with town homes, but for me, I don't like the idea that it increases some of my risks. If their place catches on fire, mine probably will, too. If they are gross and have tons of roaches, my place probably will, too.

I think you should keep the duplex as is and buy a SFH. :-D Then again, if you know anyone good at the stock market, consider putting some in that for a bit of diversification. I have about 1/3 of my money in property and the rest in stocks and bonds, though I'm looking to make it more half and half. :-)

Good luck with whatever you decide!  But, after this thread is dead, I'd love to know what you plan to do.  :-)