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Updated over 1 year ago,
Need advice on next move
Hey all, I currently have a primary and rental. Not sure what to do for my next move. Contemplating selling the rental to get some cash for a new primary and renting out our current primary. Wife and I really want to settle down with our 4 year old but I also want to continue acquiring rentals.
If I were to sell the rental and pay off what I'd owe on the HELOC I'd have $240k to put some down on a new primary then HELOC off of that and try to go more multi family route most likely CO springs or out of state.
Any advice is helpful.
Rental
Worth 650k
Owe 250k
Mortgage $1500
Rents for $3200
Have a HELOC on the rental with $105k available. Owe $100k-was used for down payment on current primary.
Primary
Worth $650
Owe $580
Mortgage $3400