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Updated 12 months ago on . Most recent reply
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What's My Next Move?
So I have a Jersey City 4 Unit rental property that I own w/my wife with a Rent Roll of $8750 a month. Bought the house over 15yrs ago and definitely gained a lot of equity over the years (approx, 500-600K). At this point the value of the house is still increasing but not at the same rate as the previous years for a number of obvious reasons (high Interest rates, age of house, etc.) and at this point I'm not sure what my next move should be since I don't like having all that equity tied up in the property and borrowing against it (HELOC) doesn't seem like a good idea since banks seem to be charging even higher than "normal" interest rates because the house is not my primary residence
It's been almost 2 yrs since a I moved out of the house and I know my time is running out before we'll have to pay capital gains on the property if we chose to sell it [unless I do a 1031 exchange of course] but wondering what other options I might consider. Any thoughts out there from any seasoned investors?