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Updated about 7 years ago,
Is it time to do a 1031?
New to site but have been reading a lot of content and enjoying it. So here's my question .
I have SFR that I bought in 08 at auction. I purchased for around$115,000, and has been a great rental, but value has nearly doubled ($220,000) and I have continued to reinvest all excess proceeds back into principle payment, on a 15 year fixed, so I currently have a lot of equity in the property. Rent is $1300 with steady tenant .
What is the smart play here, do I refi and pull what I can out and purchase more properties with that equity , (but don't think the cash flow numbers would work with rent to mortgage at that point), or is it time to do a 1031 instead?
I appreciate your different opinions.
Thanks