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Updated about 2 years ago,
Hold, Sell, or HELOC
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $555,000
I have A LOT of equity in my primary residence, so I am in a great position to make a HUGE financial decision; however, I am terrified and not clear on the best decision to make.
Option 1: Stay in my house (primary residence and only property) and take out HELOC
Option 2: Sell my house to get cash readily available from the sell and reinvest (can/will rent until I reinvest)
Option 3: Cash out refinance (not ideal according to calculators)-current interest rate is better than todays rates
What made you interested in investing in this type of deal?
I knew values would eventually increase and I live in a GREAT location
How did you find this deal and how did you negotiate it?
Local agent/friend helped me locate property and was near my son's school.
Negotiated due to number of days on the market.
How did you finance this deal?
Subprime loan back in 2004 days with $0 down.
How did you add value to the deal?
Remodeled kitchen, added bathroom, and upgraded fixtures, etc.
What was the outcome?
Created a home and increased in equity
Lessons learned? Challenges?
Never live in a house when remodeling.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No