Advice from Pros please

[Larry Leisure]

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!

[Melissa Wesling]

You mentioned tax implications when selling a rental property--you may consider a 1031 exchange to defer capital gains.  Consult your attorney first as there are many rules with it.  You would also have to purchase another investment property within the United States, so properties in Mexico wouldn't qualify.  Best of luck!