Where do I go from here?!

[Adam Goyette]

Hey all,

I am a pretty new investor in Ottawa Ontario, Canada. I’ve owned a duplex here for the past two and a half years. Purchased for $350K. I live in 1 side with a roommate, and rent out 3 rooms in the other half. I am a licensed carpenter by trade so I have been renovating and upgrading as i go...the issue is that there are some problems with the main drainage line, old electrical, as well as a very old roof.

I am looking to get another property but seem to be stuck. I recently got approved for a refi from the bank for another property worth no more than $400K. Paying off my existing mortgage that would leave me with 80K to put towards a down payment & Reno’s for the new property, which doesn’t leave a lot of options here in Ottawa. My real estate agent and I have gone over the comps around me and seem to think I can easily get 500K if I sell my current duplex.

My question is, would it be a better idea to sell my current place and put the equity towards a “brrrr” or a “fix and flip” or fix up my current place and then refi once the issues here are taken care of?

Any input would be awesome!

Adam

[Adam Goyette]

@Roy Cleeves

Thanks for the advice Roy. That is along the lines of my thoughts as well.

Appreciate it!