Fixer Upper Best Strategies in PHX

[Mel McDonald]

We bought a home 6 years ago to fix up. Life happened and now 6 years later, we need to do something about it. It's our primary residence. It's a 1972 ranch with a superb location with elevation and views of almost the whole west valley of Phoenix and specifically downtown. We are the 2nd owners. I love it. Houses have flipped on my street for $MM - bought at 400k and sold at 1.7M or bought at 800k and sold for 3.2M, etc...We can either add a second floor and invest a lot (OPM) and sell or invest a little (our equity) not add a 2nd floor and rent it out to keep it for future sake. I'm partial to keeping and renting. Either way, we need to move out. Do we kick our steady tenant out and live in our Scottsdale condo or invest in another property and househack. I feel like we are stalled out because it is too personal and we are emotionally attached at this point. We will be doing all the work ourselves. Husband is in renos and has his real estate license. I don't want to regret the decision 10 years from now, but either option is a good one.