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Updated over 3 years ago on . Most recent reply
![Jennifer Gardner's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1301491/1634233756-avatar-jenniferh205.jpg?twic=v1/output=image/crop=1465x1465@0x247/cover=128x128&v=2)
what would you do with 500k equity free and clear?
Hello.
I own a condo in Long Beach, CA, free and clear, that is worth around 500k. I have good tenants in it who pay rent of $2290/mo. I've been getting antsy to reinvest but don't have the savings to do it. What would you do? Would you refinance this property with cashout and use the cash as a downpayment for a SFH that would increase in value more than a condo? Would you sell the condo and use the full 500k as a downpayment on an SFH? My markets are very expensive: Southern California, Long Beach and Santa Barbara areas in particular. I would love to get a duplex to rent long term in one and short-term the other. I could transfer my tenants into the new place, or not (my markets are highly rentable). WWYD??
Thanks in advance.
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![Mike D'Arrigo's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/55526/1621412236-avatar-mikedarrigo.jpg?twic=v1/output=image/cover=128x128&v=2)
@Jennifer Gardner I would not sell any property in CA that is cash flowing. You have the best of both world--an appreciation asset that is also producing income. I would pull money out in a refi and invest in more affordable markets in the Midwest. Personally, I like Indianapolis, Kansas City and the Quad Cities where you can still get good COC returns.