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Seeking Strategy Advices for my current situation
Hello everyone,
I live in PA and currently have 1 $200,000 mortgage on my house that worth around $370,000 right now on Zillow. I also have another long term rental property that is already paid off that worth around $170,000 max on Zillow now. My family is planning to move to Dallas, TX. I need some helps and advices on my next move.
I'm thinking to sell my rental property to get $150,000 cash in hand, then look for a Duplex/Triplex in Garland, Grand Prairie, Irving, or Arlington to do a House Hacking method to put only 5% down. Then look for another Duplex/Triplex in those area to put 20% down for another rental property. Once I sell my house for $370,000 and pay off $200,000 mortgage, I left with around $130,000 to look for another property to put down 20% again in the next year. Am I going to the right path? I need some helps and willing to listen for any advices on different path please. Appreciate it a lot!
Thank you everyone!