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Updated over 5 years ago on . Most recent reply

User Stats

39
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10
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Ronald Mejia
  • Real Estate Agent
  • Los Angeles, CA
10
Votes |
39
Posts

What to do with mortgage free property?

Ronald Mejia
  • Real Estate Agent
  • Los Angeles, CA
Posted

Our family home is currently rented out and mortgage free. There are no plans on going back to occupy the home. The goal is the grow into real estate portfolio.

It earns positive cash flow but does a SFH carry more risk depending on a single tenant?

What are the upsides of selling and 1031 exchange into a multi-family investment property?

OR keep property and tap into HELOC and purchase investment property with those funds?

Thanks

  • Ronald Mejia
  • Most Popular Reply

    User Stats

    3,042
    Posts
    1,770
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    Brandon Sturgill
    • Real Estate Broker
    • Columbus, OH
    1,770
    Votes |
    3,042
    Posts
    Brandon Sturgill
    • Real Estate Broker
    • Columbus, OH
    Replied

    @Ronald Mejia I'll give you an alternate opinion you'll only here from 1% of investors, but free-and-clear is a beautiful thing...it's what we all should aspire to achieve. A lot of folks think real estate investing is all about scaling...like owning a bunch of property is a good thing. It's really quite shallow. Your free-and-clear property will cash flow more than the next 5 you buy...combined.

    Think about alternatives before voluntarily assigning debt to your properties...

    Best of luck. 

    • Brandon Sturgill
    • 614-379-2017
    business profile image
    Realize Property Management Group
    3.6 stars
    17 Reviews

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