What should I do with my single family rental property ?

[Terence Goodman]

I have a single family rental in upstate NY that's currently occupied up to November 2020. I purchased the place back in 2016. Depending on the market, if I sell once the tenants lease is up, I should walk away with roughly $60k. I'm trying to figure out the best option to maximize my real estate portfolio, should I sell and reinvest in more rentals from the sell or should I do a HELOC, and continue to rent it while looking to purchase another rental from the HELOC money?

I Appreciate any and all advice.

Terence

[Dave Foster]

@Terence Goodman, Late in the market cycle is a great time to be sitting on a heloc.  Sure the easy answer is to sell and 1031 but I'd never tell you to do that until you examined your goals, the inventory out there and held that against the actual performance of your property.

If that property is meeting your goals then sitting on a heloc lets you wait for a great buying opportunity at no cost to you.  And you don't have the time constraints.

The time to 1031 is if it doesn't meet your goals or you have to sell to get the next property that does. It may be the right time.  But it may not.