California Property with Equity but no CashFlow - Next Steps?

[Account Closed]

Hi BP Community,

I bought a duplex in 2009 in San Diego and have accumulated equity (on paper), but it has never cash flowed.  I have since relocated to Georgia and I'm  considering cashing out in San Diego to build a cash flow portfolio here. Business wise this seems to make sense. 

Since I'm not living in the San Diego market, any advice or insight on making this type of move would be greatly appreciated.

Thank you,

Nina 

[Dan H.]

@Jeff B. I refinance to remove money when I desire.  I have one property (2 units) with such good rates that I cannot refinance without paying significantly worse interest rates but the rest of my properties are all at rates that are close to current rates.  In addition I previously have looked at ELOC on my units and found there were a few places that do ELOC on investment properties (I did this research over a year ago but I suspect it is still true). So I take equity out of the properties as I desire.  Normally I take cash out to purchase another property but recently I refinanced 7 units to take cash out just to have it ready for another property purchase (not yet identified). 

So while I did not use a deposit slip my account currently has a lot of this vapor money that I can access for whatever I desire (I have been considering a Tesla with Ludicrous mode 😀).