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Updated over 4 years ago,

User Stats

6
Posts
0
Votes
Jet Paradero
  • New to Real Estate
  • Reno, NV
0
Votes |
6
Posts

Rental Property Lease to end soon

Jet Paradero
  • New to Real Estate
  • Reno, NV
Posted

Hi BP family!

I am a newbie in real estate investing and I would like to have your thoughts and ideas on what to do in my situation. So, I have a rental property that used to be our primary home that I rented out back in June 2018 that brings me a cash flow of $250 per month.I bought the property for 333K in December 2015 with a 5% downpayment and a 30-year mortgage rate of 4.125%. Originally, my plan for the property was to rent it out for 2 years and sell as soon as the lease ends this June 2020, for a profit of around 200k. But, over the years, I kind of lean towards keeping the property, our first home, which is in a nice neighborhood, with very good schools around, and in a city close to Lake Tahoe. Early this month I was able to lock in for a Heloc of 150K but has not closed yet, still waiting, and was told it closing will be in a week or two. So my questions are, 1) is it a good idea to move back in to the rental property and do a cash out refinance given how low the rates are now? 2)Or stick with the Heloc and buy more rental properties in the midwest? 3) Or sell the property then buy rental properties in cash? Thank you in advance for your responses. Stay safe always! 

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