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Updated over 6 years ago, 07/22/2018

User Stats

65
Posts
34
Votes
Sharon M.
  • Rental Property Investor
  • Atlanta, GA
34
Votes |
65
Posts

Should I sale, get a HELOC, or rent my condo?

Sharon M.
  • Rental Property Investor
  • Atlanta, GA
Posted

My goal is to invest in a multifamily (4 doors or more) and this may be possible by selling my primary residence or HELOC. Which would you suggest/recommend? I bought my condo downtown Atlanta in 2013 (it was a foreclosure, 2b/2ba). The new Mercedes-Benz stadium (home of the Atlanta Falcons and Atlanta United soccer) opened a year ago, mix-use developments are being built everywhere, restaurants, etc. Needless to say my property value has tripled. Based on what I owe I could stand to make at least $200k if I sale but could rent it for 3x my mortgage or take out a HELOC and invest that way (?). I am attached to it and the Superbowl is being hosted here next year so I would like to have it for that experience but why defer obtaining my goal of acquiring a multifamily (or even apartment complex >16 doors). FYI - I use to Airbnb the guest bedroom until my HOA cracked down on that. I do have another place to stay if I do choose to sell. And I also have other rental properties but they are SF. The RE that sold me the place is begging for me to sale and I am actively looking at investment opportunities in case something lines up. Thanks in advance for your feedback.

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