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Updated over 8 years ago,
Mike from mid GA
Hi everyone! I was gifted a rental house to me, by my parents and looking to get more into real estate. Definitely leaning towards rentals since I have kind of already started down that path LOL
The house I have now, that they gave me, is owned by me free and clear. Property tax value is 71000. It is A3 bedroom 1 bath Log Cabin. I can't remember right off the top of my head how much insurance is, but it is nothing crazy. It is currently rented, and I have no trouble renting it for the 750 a month.
What should I do next? Should I try to sell it or should I somehow use the equity in the home to finance me buying more rentals and continue that way?
I have a couple options but would love to hear what you would do in my shoes. I own several other businesses and I am relatively financially secure , but always looking to make more money.
Thank you!