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Updated over 5 years ago, 05/04/2019
How do I use my first property to buy my next?
I bought my first duplex in Minnesota in October, 2016. I lived there for a full two years, and then I moved to Chicago to be with my gf/fiancee. I rented out the unit that I was living in, so it's fully rented now.
Rent roll = $1,975/mo
Zestimate = $217,231
Remaining Principal on the loan = $105,165 (30 yr-fixed, 3.625%, no PMI)
I know I could sell it. I would get the capital gains exclusion on the unit I lived in. I'd rather hang on to it if I can, though. How could I go about tapping the equity to buy another property down here in Chicago?
Thanks,
Eric