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Updated over 5 years ago,
Should I refininace or sell these 2 properties?
I really need some advice on a few things that will require a refinance of either one or both of the Properties that I currently own. So my goal is to build a portfolio and also at the same time, purchase a home for My retirement in Georgia. I currently live in Philadelphia.So, currently I have the house that I live in that I purchased about 4 years ago for $119k.Currently, the houses in the area are going for 160k to 210k. I can either sell this or cash refi out to accomplish my goal.This house was bought totally rehabbed and is still in very good condition.I also bought an investment property earlier this year for cash with a partner. I paid around 52k for the property and we have invested about 30k in the rehab. We are winding down on this finally. Side note, my partner was supposed to finance the rehab but his loan fell through. So, I have been using my cash and he has been using money from his contracting business to complete the house. I need about another 10k to finish the project.The ARV for this house is also in that 160k range.I also work full time. I gross around 91k. My credit is somewhere around 700, the last I checked. I will retire iin June of 2023. The only negative is that I owe like 13k in taxes from last year for a building that I sold.I would like to spend around 225k for the house in Georgia and I want to make sure I do things in the proper order, so that I don't run into any roadblocks. I want to buy this house ASAP.
Thanks for your time and attention.