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Updated almost 4 years ago, 01/05/2021
Advice from Pros please
Some background on me and my current financial situation:
Located in Southern California (Beach City)
Just turned 48 years old. Never married no kids.
Own 2 properties free and clear: Primary residence valued at $1.25 million; since Covid I’ve rented it a total of about 90 days for extra cash (14k).
2nd home(condo) and rented out through AirBnB since 2014 is worth $600-650k. Consistently grossed $55k-60k every year until Covid.
FICO at 780-800.
Have about $7K cash in the bank and another $100K in assets (cars and motorcycles paid). About $2K in stocks w eTrade since 2008.
Truck loan at $29K
8K in CC debt that was just moved to a 0% interest free card for 18 months.
Yearly property taxes at $14K. Condo HOA $490/ month.
My basic financial picture right there. I live off of my rental, and a few side gigs selling vehicles etc. Not living on the high horse.
Don’t qualify for a cash out refi even since my AGI isn’t there.
Thinking about selling the condo (bought it in 2011 for $265k/ now at $600-650k). Prolly not smart since I’m getting 50-60k a year from it.
Obviously, some major tax implications w selling a rental property. Anyway to defer/ avoid that?
Not looking to stay in Cali much longer. Hate living AirBnB check -check, and would love to have some cash in hand to improve my primary residence ($30-50k).
Basically house rich cash poor. Great FICO and disciplined.
what would you do in my shoes? I spend quite a bit of time in Mexico and have a house there (rented for $500/month) would go for $2500 in CA.
Not a great financial planner... looking for options of what to do.
Thanks!