Newbie stretegy dilemma

[Jen Mao]

I am a newbie here. I have one rental property, currently on sell for 1031 exchange. I hope to find a small apartment in Texas or Florida area. I also have a primary house which has appreciated above 80%. Both are in California.

Question 1: should I sell my primary residence as well? I think the price is at its peak now. If I do not sell it, I will lose some appreciation value. My only kid will going to college this year. I can rent for a while until next chance to buy. Some say you can refinance the house to get the equity out. I am not sure which one is better.

Question 2: is it the best time to buy MFH now? Has it also reached the peak and is expecting a downturn soon? I am planning to be conservative for the 1031 exchange, which means to satisfy the minimal requirements for the change, not to spend my down payment to the house in the new investment. And if I sell my primary house or take the equity out, I am planning to hold it until the good time to buy. But again, am I doing it right?

Question 3. Where to find a MFH broker that can represent me in the purchase? Not like single house purchase, it is easy to find an agent. If I use the seller’s agent for MFH, I am not sure my interest will be protected. Am I right here?

Question 4: do you care about the age and the area of a MFH? Most of apartment buildings are old. What is the oldest age is acceptable to you? Most of the C grade MFHs are in a bad neighborhood, mobile houses around... Do you really mind? My SFH are new/ almost new, located to gated/ guarded community. It would be a quite a change to buy something in a totally different area.

I have lot of questions. I would need a mentor . 😊Hopefully, if I do right, I can retire in a few years. Thanks in advance.

May