What are my options?

[Joannie Torio]

I have 2 investment properties and 1 owner occupied residence that I live in. I have one investment property that has more equity and appreciation than the other. I would like to buy more properties, however, with the market similar to 2005, I'm not sure of what would be beneficial to me. One of my properties has appreciated from $119K to $168K and I owe about $75K on it, with a low interest loan. My other property has appreciated less, $143- $162K, and I still owe $111K with a higher interest loan. Not sure of what I should do, should I consider a HELOC, do a 1031 exchange on one of the investment property's, refinance the higher interest with the less equity property? Any advice is appreciated.