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Updated almost 7 years ago on . Most recent reply
What's my best move????
I am 28 years old and have flipped houses for a few years and finally have one paid off completely and I rent it for $650 a month. I originally was going to live in it but then got offered a job out of state. Right now I gross around 90,000 a year income at my job plus the rental and the only debt I have is a truck paymet 540 per month (36k total loan). All other bills per month total $1600 rent, electric water etc. For a total of around $2150 a month.
My question is should I continue renting out my house I own or should I sell it and reinvest that money elsewhere???
I also deposit money into a 401k and a Roth IRA each month (totaling about 15%)
I just feel like I could be doing more or something else that could greatly benefit myself. does anyone have any advice?
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@Josh Daniels welcome to BP!
I am sure you will get a wide range of opinions, as a lot of this can vary based on personal preference. So here are my two cents:
I would make out the 401k through work. Then also max out a ROTH IRA.
Then any extra money you have save for investing in real estate further.
Then for your current property, I would get a loan against it. I would be conservative and get a 60-70% LTV. Then put property management in place and keep it as a rental.
Then take the cash you pulled out from the property and use it as a down payment on a house hack. Look at buying a small multifamily in your new area. Live in one unit and rent the other unit(s).