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Updated over 2 years ago on . Most recent reply
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Sell or keep my property a LTR and take out a HELOC?
I could use some experienced advice.
I purchased my first single family home two years ago in Vancouver, WA USA FOR 350k it has since appreciated to a value of ~450k. Its a great starter home built in 2017. The only downfall is the neighbors…they moved in and turned out to be massive hoarders. I currently have the house on the market, we started out at 460k and have since dropped the price twice with no offers. Everyone interested says the neighbors are the turn off. The house has been on the market just over 30 days. The problem I have is that I need to move to Boise, ID for work ASAP. My plan was to sell and use the profits to house hack a duplex, but unless I can sell the house for a solid profit I won’t be able to afford the down payment on a duplex.
I've been doing research and talking to real estate professionals about my options and the possibility of keeping the property and using the HELOC to fund a down payment on a multi unit property in Boise while keeping the single family in WA as a long term rental.
I have zero experience with HELOC's but I'm not sure what my best possible option might be.
Any advice you guys can provide is appreciated!
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@Brandon Pearl how can you tell the neighbors are hoarders? If it's spilling out onto the front lawn then you should have some options. For instance the city i invest in has a program called See Click Fix. It's a way to take pictures, document, and submit formal complaints about anything from potholes to trash/overgrown yards. That's how the city knows there is a problem. Start looking around on your cities website and see what you can find or who you can call to make the issue known.