@Noah Wieder
I would do an equity line on the condo, keep the asset and buy out of state. That’s what I’m doing...just pulled out another $169 k from one of my San Diego condos....
I bought several condos back in 2008 that have doubled in value in the last ten yrs so I was in a similar situation 18 months ago. I attended a multi family seminar boothcamp by David Linhal here in San Diego.
I suggest picking up book emerging markets that talks about real estate cycles and mutil famIly millions.
I sold (1031) exchanged 2 condos for a 7 plex for $703k and a 14plex for $1.3m which appraised for $1.75m the day I bought it in Kansas City Mo. #$350kfreemoney
All the units are professional managed so it’s mostly passive.
Apples to apples my positive CashFlow is appox the same around $25k per year. However, that’s at about 80% occupancy rate. My CashFlow should be about $50k next year.
1-The real vale of the trade is I now have $$2.5 million appreciating at 5-7% or $175k
2-My tenants paid down my debt by over $40k
3-upside CashFlow of an increment $30 potential
4 investing in front of a path of progress with street car expansion.
Bottom line I’m glad I made the move to multi family out of state. However, finding a broker and a property Mgr you can trust is the key...
In fact my friends and I just bought 57 more units in last 90 days (27 plex and 30 plex) and my property mgr and broker both invested in our last deal. We are targeting 13% cash on cash returns and 20% IRR!
I’m a member at Morgan run country club which is near you. Happy to grab a beer sometime.
Ps
One last thought. I also did 2 cost segregation’s with @scottroelofs and my tax loss in 2018 was appox $500k because my wife’s a real estate professional this comes off my six figure W2 income...
