Hi all. Need some advice :)
My current situation....
4 rental condos and 1 house. (1 more house that is going to be a rental but live it at the moment)
Equity (4 condo + 1 house) ~ $370K
Cash flow per month - $1900
Cash on Cash avg. 13.9%
Manage it all myself.
My main goal is to get a "passive" income of around $6000 in around 7 years. Quit my W2 job and just manage the rentals.
Have around $80K cash.
So what to do next to get to my goal the fastest.
I can..
Option 1: Just focus on paying off the loans I have now and get some of them paid off and increase cash flow
Option 2: Focus on getting the next rental property, use the cash I have as down payment. Could be either a house, two condos or maybe a duplex. Would love to get a four-plex and live in one unit myself. But in Vegas there are no four-plex's I would live in :)
Option 3: Sell what I have. Prices are good and interest low. But then I have to pay capital income tax or do a 1031. Doing a 1031 would be great (done that before) but getting a good deal in Vegas is a little hard now.
Option 4: Sell everything and get into commercial, maybe a 8+ unit complex. But that would probably have to be somewhere else that Vegas. I see there some better options on Arizona.
Option 5: ??? any recommendations.
