So, I'm in a bit of a conundrum. I purchased my first and currently 1 of 2 investment properties in 2013. It was an REO triplex that I was able to purchase for $119,000. 2 of the units needed paint and carpet, the 3rd needed all new flooring bathroom hardware, etc. I did the work myself on the lower unit once the top 2 were rented. It took me ~2 months and about ~$5k in materials.
Currently the top 2 rent for $650 each, and the lower unit rents for $800(it's the size of the top 2 combined). For a total of $2100 gross income per month. My PIMI is ~$1000, including pmi. I purchased it with 5% down fha at 4.625% interest.
Recently I took a look at the 3 comps used during the purchase. 2 of the 3 haven't changed hands, but 1 of them recently sold for 65% more than the previous sale in 2013.
My question is what would you do if these 3 options?
1. Sell it? Possibly ask ~$200k (still over the 1% rule for someone.)
2. Refinance it? Dump the pmi refinance for 15 years at a lower interest rate, and pull out some $ for another property.
3. Don't do anything, and continue with a solid cash flow etc.
Thanks in advance.
I just think the market will be topping out soon and would like to take advantage of equity now if it's feasible.
