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Updated 4 months ago, 08/15/2024
LA Property with lots of Equity
I purchased my Los Angeles (Compton) 4-bedroom home in 2013 for 240K; according to Redfin, it is now worth 686K. 2 years ago the entire house was completely renovated (Insurance claim) due to a burst pipe that caused extensive damage while vacant. I'm not sure what I want to do or what my options are. I've been thinking I would like to fix the outside landscaping/fence/Kitchen cabinetry and roof so I that I can get the max rent or just sell and buy in the midwest, 1031 exchange (not sure if I qualify). I mainly would like to expand my portfolio using the equity but am hesitant to refi because my current rate is 3.3%. Even Airbnb would be an option but I'm starting to feel like I need a partner who knows what they are doing to guide me. HELP!!