Seeking Direction/Guidance to Level Up Portfolio

[Jason Baker]

Here is my scenario. I am a licensed Realtor in Volusia County, FL. I own two rentals in New Smyrna Beach, FL that bring in $5k monthly in gross rents. They are newer homes, less than two years old and they are free and clear. Our primary residence has a ton of equity and a mortgage of roughly $285k with a value around $800k. What is the best way to utilize this scenario? I'm planning on selling one of the rentals in February when my tenants move out. I will then pay off the mortgage on my primary residence and secure a HELOC. I want to start using the BRRRR strategy to acquire more properties. I'm sitting on a decent amount of equity and seeking the best way to use it to build a large portfolio and long term wealth. The loan on our primary residence is currently in mom's name which is why I need to pay off that mortgage before securing the HELOC. I would like to hear from some seasoned investors on a viable path forward for this scenario. Thanks & God Bless!

[Jason Baker]

the rentals are worth about $385k each. My net income after all expenses is $1,843 monthly each. If I sell one, I can pay off the primary mortgage ($280k) and have about $100k to invest while still collecting the $1843 on the other property. If I cash out from both rentals, my net income would drop to around $800 total monthly for both properties and I would not have the additional $100k to work with. The interest rates are making it difficult for sure. Maybe I'm missing something or not doing the math right? I crunched the numbers pulling $150k out of each property and rates around 7.5%