I am not sure where to post this question, this is my first time on the BiggerPockets Forum. I am currently a resident in LA county however I own a rental property in Burien, WA. It is a duplex totaling 4 bds and 2.5 baths with modern updates, in great condition. I lived in this property for two years and have been renting it out and managing it remotely for the past 3+ years. I am thinking about selling the property as it is becoming more difficult for me to manage from a distance. I am just worried this might be a mistake as it as a high cash flowing property and my mortgage rate is a low 3.125%. However I have had to replace some major appliances recently which had put my in the defecate and added to my motivation to sell (Hot water heater, two refrigerates and a washer/dryer). I was hopping to get some feedback. I will list some specific questions bellow.
- If I use a 1031 Exchange, does the next property also have to be a duplex?
- If I did buy a duplex here in CA could I live in one side while renting out the other?
- Do I qualify for for a section 121 exclusion sense I lived on the property for the first 2 years of ownership?
(I also had to come to CA for health reasons, so I am not sure if that is an exception)
- If I use any of the above, can I use a portion of the money to pay off personal debt?
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Lastly I would also consider recommendations for a company who offers
HELOCS (NOT cash out refi) for rental properties. Apparently this is not
offered by most major banks.
Thank you in advance for any and all feedback.
