Currently own a house with 150k equity, what’s my next move?

[Roger Rosa]

Hello all,

Bought my first home 2 years ago in the California market, if you’re familiar with California it’s booming right now. Of course this opens up many doors, and more options tend to lead to hesitation and questioning.

I considered a few options:

1.) Sell my house, move into a better neighborhood where I feel comfortable starting a family. Larger payment but still comfortable.

2.) Pull a line of credit and purchase an investment property. Not sure where, however, I’ve considered Arizona market and Riverside county in CA. This is where all the options and decisions flood my mind, if I decide to invest, where and how?

3.) Sell my house, rent for a while and wait for house to drop in the neighborhood I would like to move to.

I did list my house and received an offer above asking. This would mean I would make 150k after realtors profit.

It’s worth mentioning I currently have a condo I just purchased and started renting. This was a deal I believed was good and profitable, and as of now have not seen any trouble in the horizon.

[Darius Ogloza]

Move.  

Being comfortable living in your own home in a neighborhood you like and starting a family transcends mere numbers.  If you have lived in the property last 2 of 5 years you will not have federal income taxes to worry about if you sell now.  Whether rent or buy right away depends on whether you see anything out there you like.