Equity overseas - what do I do with it?

[Franc B.]

Hi BP community,

Just closed my first rental property in the USA on Fri Jan 20 :). It took all of my savings for the 20% down.

However my wife and I own a property overseas - the mortgage is $500K but the property recently valued at $1.4mil (it’s zoned for multi-tenant building) and it’s a sizeable piece of land.

However rent isn’t very much - we are getting $660 p/w which doesn’t cover the principal and interest payments. Note this used to be the house we lived in before we moved overseas btw our first home.

I want to continue to buy a few properties this year in USA  but I don’t want to wait to save up another deposit. Any advice here on what to do with this equity overseas? Pls let me know what you would do. TY!