Lots of Equity...Should i use it?.. if so, how should i use it?

[Gerald Gray]

0 votes

I purchased my primary residence from a tax foreclosure auction about 2 years ago for 90k cash...(free and clear) Its currently worth about 250k.

I also own a commercial building free & clear I got about 5 years ago from a tax auction. I paid 10k for it its worth about 100k

I currently have 1 mortgage from 2007 for 57k that was my primary residence before my current one that a relative has been occupying and making the mortgage payments on.

My credit score is 780, and I have about 40k liquid for investing. Im looking to get started with rentals to increase my passive income.

Any suggestions...?

[Joe Ferguson]

@Gerald Gray Do you wish to keep the two free and clear properties? If so, I would do exactly what James recommended. 

Personally,I would cash out and go all in on an apartment complex. 250K + 100K + 40K = 25% down on a 1.5M complex. Tell your relative they are about to have company.